Money Laundering, Terrorism and Financial Institutions - USA Patriot Act Monitor

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7/10/2006 IRS Stakeholder Liaison Staff Is Contacting MSBs Failing to Renew Registration

Money services business registrations dated before December 31, 2003, that have not been renewed since then, have been dropped from the list of registered MSBs, according to FinCEN. The posted list is current as of April 29, 2006.  FinCEN and the IRS Stakeholder Liaison staff will be contacting non-renewing MSBs to determine whether a failure to renew indicates that the business no longer qualifies as an MSB, or did not renew despite its obligation to do so.  The list as posted (www.msb.gov/guidance/msbstateselector.php) contains 24,009 MSBs.  A 2005 Inspector General report found that perhaps more than 100,000 should be registered, indicating that noncompliance continues to be a major problem.  (See “MSB Registration/Deregistration Subject of FinCEN Guidance,” April 2006 Monitor).

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