Bank Secrecy Act - Access to Banking Services by Money Services Businesses

Bank Secrecy Act (BSA)Federal Deposit Insurance Corporation (FDIC)Anti-Money Laundering

Summary: The Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) is seeking public comment on the attached Advance Notice of Proposed Rulemaking (ANPR) regarding the impact of Bank Secrecy Act (BSA) regulations on the ability of money services businesses (MSBs) to open and maintain accounts and obtain other banking services at banks and other depository institutions.

Highlights:

- FinCEN has issued the attached ANPR seeking comments from the public, MSBs, and the banking industry regarding the BSA's impact on MSBs ' ability to obtain appropriate access to banking services.

- MSBs have experienced obstacles in opening and maintaining deposit accounts with banks. FinCEN is soliciting updated facts about this issue as well as feedback on whether additional guidance or regulatory action under the BSA might address these concerns.

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