Financial Crimes Enforcement Network; Provision of Banking to Money Services Businesses

Bank Secrecy Act (BSA)Financial Crimes Enforcement Network (FINCEN)
Office of Thrift Supervision (OTS)Anti-Money Laundering

Summary: We are issuing this advance notice of proposed rulemaking ("Advance Notice") as part of our ongoing effort to address, in the context of the Bank Secrecy Act, the issue of access to banking services by money services businesses. Both the banking industry and the money services business industry have expressed concerns with regard to the impact of Bank Secrecy Act regulations on the ability of money services businesses to open and maintain accounts and obtain other banking services at banks and other depository institutions. Due to the concerns about the effect of regulatory requirements on the provision of banking services to money services businesses, we, through the Non-bank Financial Institutions and the Examinations subcommittees of the Bank Secrecy Act Advisory Group, held a fact-finding meeting on March 8, 2005, to hear directly from banks, other depository institutions, and money services businesses concerning the challenges that they face on this issue.

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