Form 107 - Registration Of Money Services Business Instructions printable pdf download

Rev. 7/10

FinCEN Form 107a

Registration of Money Services Business Instructions

General Information

value, the provision of stored value services does

9. A “redeemer” is a business that accepts

not relieve it of the responsibility to register , if

instruments in exchange for currency or other

required, as a provider of those other services.

instruments for which it is not the issuer. You are

Who Must Register

not a redeemer if you take the instruments in

For the regulatory definition of “money services

exchange for goods or general services, provided

Generally each money services business must

business” see 31 CFR 1010.100(t) and (ff).

that the amount of cash returned is not more than

$1,000 for any one customer on any day .

form must be used by a money services business

The following terms are used in the form and

(also referred to as an MSB) to register . However,

instructions to describe a money services business:

10. A “seller” is a business that issuers authorize,

not all MSBs are required to register . For example,

through written agreement or otherwise, to sell

if you are an MSB solely because you are an agent

1. An “agent” is a separate business entity from the

their instruments or their send and receive transfer

of another MSB, you are not required to register.

issuer that the issuer authorizes, through written

services.

The discussion below will help you determine

agreement or otherwise, to sell its instruments or,

whether or not you are an MSB that is required to

in the case of funds transmission, to sell its send

11. A “transaction account” is a deposit or account

and receive transfer services. A person who is

on which the depositor or account holder is

permitted to make withdrawals by negotiable or

solely an employee of the MSB is not an agent of

The term money services business includes:

that MSB.

transferable instrument, payment orders of

1. Currency dealers or exchangers who exchange

withdrawal, telephone transfers, or other similar items

more than $1,000 for any one customer on any

for the purpose of making payments or transfers to

2. A “branch” is an owned location of either an

day.

issuer or agent at which financial services are sold.

third persons or others. Such terms include demand

An MSB should not separately register each of its

deposits, negotiable order of withdrawal accounts,

2. Check cashers who cash checks totaling more

savings deposit subject to automatic transfers, and

branches. A mobile operation owned by an MSB is

than $1,000 for any one customer on any day .

a branch of that MSB. The MSB’s headquarters is

share draft accounts. See 12 USC 461(b)(1)(c).

not a branch. If the MSB has only one location,

3. Issuers of traveler’s checks, money orders or

When to Register

that location is not a branch.

stored value who issue more than $1,000 in

traveler’s checks, money orders or stored value

3. A “check casher” is a person engaged in the

Initial registration: File the form within 180 days

for any one customer on any day .

business of providing cash to persons in return for

after the date the business is established.

a check.

4. Sellers of traveler’s checks, money orders or

Renewal: Each MSB must renew its registration

stored value who sell more than $1,000 in traveler’s

every two years, on or before December 31. See

4. A “currency dealer or exchanger” is a person

checks, money orders or stored value for any one

who engages in the physical exchange of currency

31 CFR 1022.380(b)(2).

For example, if an MSB

customer on any day .

for retail customers.

registered on October 15, 2003, it must file a

renewal by December 31, 2004, and then every

5. Redeemers of traveler’s checks, money orders

5. “Informal value transfer system”. See explanation

24 months thereafter (on or before December 31,

or stored value who redeem more than $1,000 in

of the term money transmitter.

2006, then December 31, 2008, etc.).

Renewals

traveler’s checks, money orders or stored value

must be submitted on a new Form 107. Photo

for any one customer on any day .

6. An “issuer” is the business that is ultimately

copies of previously submitted forms or

responsible for payment of money orders or

facsimiles will not be accepted for renewal

6. Money transmitters.

travelers checks as the drawer of such instruments,

purposes

or a money transmitter that has the obligation to

7. U.S. Postal Service.

guarantee payment of a money transfer .

Correction: Use the form to correct a prior report.

Complete Part I in it s entirety and only those other

The following are not required to register:

7. A “money transmitter” is a person that engages

entries that are being added or changed. Staple a

1. A business that is an MSB solely because it serves

as a business in the transfer of funds through a

copy of the prior report (or the acknowledgment

as an agent of another MSB. For example, a

financial institution.

from ECC-D if received) to the corrected report.

supermarket corporation that sells money orders

Generally, acceptance and transmission of funds as

for an issuer of money orders is not required to

Refile a new registration form

an integral part of the execution and settlement of

Re-registration:

a transaction other than the funds transmission itself

when one of the following events occurs:

corporation serves as an agent for two or more

(for example, in connection with the bona fide

1. a change in ownership requiring re-registration

MSBs. However , an MSB that serves as an agent of

sale of securities) will not cause a person to be a

under state registration law;

another MSB and engages in MSB activities on its

money transmitter.

2. more than 10 percent of voting power or equity

own behalf must register . For example, a

An “informal value transfer system” is a kind of

interest is transferred (except certain publicly-

supermarket corporation must register if, in addition

traded companies) or;

money transmitter . An informal value transfer

to acting as an agent of the money order issuer , it

system includes any person who engages as a

3. the number of agents increases by more than 50

provides check cashing or currency exchange

business in an informal money transfer system or

percent.

services on its own behalf in an amount greater

any network of people who engage as a business in

than $1,000 for any one person on any day .

Where to Register

facilitating the transfer of money domestically or

internationally outside of the conventional financial

Send your completed form to:

2. The United States Postal Service, any agency of

institutions system.

the United States, of any state , or of any political

8. A “person” is an individual, a corporation, a

subdivision of any state.

Enterprise Computing Center - Detroit

partnership, a trust or est a te, a joint stock company ,

Attn: Money Services Business Registration

an association, a syndicate, joint venture, or other

P.O. Box 33116

3. At this time, persons are not required to register

unincorporated organization or group, an Indian

to the extent that they issue, sell or redeem stored

Detroit, MI 48232-0116

Tribe (as that term is defined in the Indian Gaming

value. If, however , a money services business

Regulatory Act), and all entities cognizable as legal

provides money services in addition to stored

personalities.

Form 107 - Registration Of Money Services Business Instructions

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