The Financial Crimes Enforcement Network has determined that Mohamed Sufi violated Bank Secrecy Act registration requirements for money services businesses. 4 Since 2001, the Bank Secrecy Act has required certain money transmitters to register with the Financial Crimes Enforcement Network by filing a registration of money services business (“RMSB”) form, and renewing the registration every two years. If the money services business’ ownership or number of agents changes, a re-registration requirement may apply. There is no cost for registration, which is a simple procedure explained in detail on the Financial Crimes Enforcement Network’s Website.
Bank Secrecy Act compliance by money services businesses is a critical part of the government’s efforts against money laundering, terrorist financing, and other financial crimes. Bank Secrecy Act forms, including RMSB forms, must be filed in an accurate, complete and timely manner. The registration requirement is an initial and foundational step required as part of the Financial Crimes Enforcement Network’s regulations that are intended to assist law enforcement and other government agencies in the enforcement of criminal, tax and regulatory laws, and to prevent money services businesses from engaging in, or being misused to facilitate, the flow of illicit proceeds. 6 By mitigating the risk of criminal abuse of money services businesses, the Financial Crimes Enforcement Network’s regulatory framework seeks to promote the provision of legitimate financial services to consumers, in particular the unbanked and underbanked. RMSB forms promote greater transparency with respect to money services businesses that serve as gateways to the U.S. financial system, and are an integral part of highly useful investigative audit trails utilized by law enforcement, the Financial Crimes Enforcement Network and other government agencies. RMSB forms are also useful for money transmitters and other types of money services businesses in establishing and maintaining banking relationships. Banking organizations, in keeping with their responsibilities under the Bank Secrecy Act, normally request registration information from mone?, transmitters and other types of money services business customers that are required to register.
Detailed report link: here
