Industry News

The Money Services Business Association (MSBA) is committed to bringing the latest information and trends in the money services industry. We deliver the latest updates on legislation and regulation, as well as research on cross-border payments and remittances.


2023 MSBA Annual Report

January 03, 2024

The MSBA is proud of the work that we have accomplished in 2023. Check out the 2023 MSBA Annual Report to see more details of the work the Money Services Business Association does.

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MSBA Celebrates the International Day of Family Remittances

June 09, 2023

As we prepare to celebrate the International Day of Family Remittances on June 16th, the MSBA would like to share our continued support of companies and businesses in the cross-border payments industry as they work diligently to make remittances possible worldwide. We understand the great importance of family remittances and hope that this video helps to celebrate this important day!

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UniTeller Acquires Oh My Card

April 25, 2023

UniTeller is pleased to announce its recent acquisition of “Oh My Card!”, a gift card payment platform that has redefined the way Central Americans build loyalty and send gifts to their loved ones.

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Family Remittances 2022 in Numbers

April 13, 2023

The Migration, Remittances, and Development Program produced a presentation that addresses annual remittance trends; considerations about flows and factors; the continued increase of remittances associated with large migration patterns in 2022 (mostly from politically conflictive countries); US outbound remittance flows; trends since 2020; transactions and the digital landscape; as well as things to consider for 2023.

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AT A CROSSROADS: Chinese Development Finance to Latin America and the Caribbean, 2022

March 27, 2023

China’s major development fi nance institutions (DFIs), China Development Bank (CDB) and China Export-Import Bank (Eximbank), have historically accounted for the bulk of China’s overall lending to the Latin American and Caribbean (LAC) region. Based on data from the Chinese Loans to Latin America and the Caribbean Database, which is jointly produced by the Inter-American Dialogue and the Boston University Global Development Policy Center and tracks Chinese DFI fi nance to LAC governments and state-owned enterprises (SOEs), these two banks issued $136 billion to the region between 2005 and 2022, with most of that directed toward Argentina, Brazil, Ecuador, and Venezuela.

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Visa's Money Travels: 2023 Digital Remittances Adoption

March 24, 2023

Visa’s Money Travels: 2023 Digital Remittances Adoption Report survey of 14,000+ remittance senders and receivers across 10 countries, looks at some of the progress — and barriers — that currently exist today. The survey dives into the rates, methods, and reasons for sending and receiving these lifeline payments.

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Banking Deserts: What Are They and How Do Global Remittances Help?

February 08, 2023

For most modern consumers, accessing a local bank is easy. Those living in major cities can simply walk to a bank branch within a few minutes, while those in suburbs are usually just a short drive away. And yet, while many people take their local banks for granted, millions of others are not so fortunate.

Though access to a local bank should be considered a basic human right in 2022, many people around the world are denied that luxury. In fact, the nearest bank may be well over an hour away. These areas are known as “banking deserts,” and they are becoming increasingly common in rural areas across America and the world at large.

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Global Payments: Understanding the Basics of Anti-Money Laundering and State Licensing

October 19, 2022

Global Payments – the topic is everywhere and for good reason. Statistics published by the Conference of State Banking Supervisors (CSBS) state that licensed Money Service Businesses (MSBs) conduct more than $1.8 trillion in transactions annually[1] and are an essential part of the financial services industry for banks, commercial customers, and consumers. These licensed companies are the backbone of the cross-border payments industry.

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FinCEN Issues Final Rule for Beneficial Ownership Reporting to Support Law Enforcement Efforts, Counter Illicit Finance, and Increase Transparency

October 17, 2022

WASHINGTON—Today, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) took a historic step in support of U.S. government efforts to crack down on illicit finance and enhance transparency by issuing a final rule establishing a beneficial ownership information reporting requirement, pursuant to the bipartisan Corporate Transparency Act (CTA).

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DolEx Dollar Express, Inc. and Barri Financial Group Announce Merger

August 01, 2022

DolEx Dollar Express, Inc. (“DolEx”) and Barri Financial Group (“Barri”) jointly announced today the signing of a definitive agreement under which the companies will merge to create a premier consumer financial services company. The combined company will offer its suite of services, including money transfer, check cashing and other ancillary products, to customers at thousands of retail locations across the United States.

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Best Practices for US Money Services Businesses

May 11, 2022

Anti-Money Laundering and Counter-Financing of Terrorism Compliance Program. The MSBA, The Electronic Transactions Association (ETA); INFiN, a Financial Services Alliance; and The Money Services Round Table (TMSRT) release a comprehensive template for companies that represent the full range of MSBs.

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International Women's Day 2022 - March 8, 2022

March 08, 2022

Today is the 47th International Women's Day since the United Nations first marked its observance in 1975.

The purpose of the day is to promote women's empowerment and equality.

But it is also to celebrate the achievements and contributions of women, so I want to take this opportunity to thank and salute the women of the MSBA Board:

Tanya Butler, President & CEO of MEMO Financial Services, Inc.

Aurora Garza Hagan, President & CEO of PNC Global Transfers

Jani Gode, CAMS, CFCS, Chief Compliance Officer of Payoneer

Laybaa Hernandez, CAMS, CFE, COO of DolEx Dollar Express, Inc.

Nicole Ibbotson, General Counse of InComm Financial Services, Inc.

Jenna Wyer, SVP Americas, Business Development of Thunes

I am very proud of the leadership they exemplify, and thank them, one and all, for their invaluable service to the industry, and to the MSBA.

Kathy Tomasofsky

Executive Director

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FinCEN Releases Updated Advisory on Ransomware and the Use of the Financial System to Facilitate Ransom Payments

November 09, 2021

In connection with a set of actions announced today by the Department of the Treasury and focused on disrupting criminal ransomware actors, the Financial Crimes Enforcement Network (FinCEN) has released an update to its 2020 advisory on ransomware and the use of the financial system to facilitate ransom payments. The updated advisory reflects information released by FinCEN in its recent Financial Trend Analysis discussing ransomware trends and includes information on current trends and typologies of ransomware and associated payments as well as recent examples of ransomware attacks. The updated advisory also sets out financial red flag indicators of ransomware-related illicit activity to assist financial institutions in identifying and reporting suspicious transactions associated with ransomware payments, consistent with their obligations under the Bank Secrecy Act.

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CSBS Uniform Money Transmission Modernization Act

September 13, 2021

The Uniform Money Transmission Modernization Act, also known as the Money Transmitter Model Law, is a single set of nationwide standards and requirements created by industry and state experts. The law was approved in full by the CSBS Board of Directors in August 2021.

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International Day of Family Remittances 2021

June 16, 2021

Today, June 16, 2021, we observe the Seventh Annual International Day of Family Remittances (IDFR.)

The IDFR was first established on June 16, 2015 by the International Fund for Agricultural Development (IFAD) - a UN agency that works toward ending poverty and hunger in developing countries - and in 2018, was officially adopted by the General Assembly of the UN.
This day of celebration is important to raise global awareness of the fundamental contributions made by migrant workers, to the wellbeing of their families and communities back home, and to the sustainable development of their countries of origin.

Remittances represent the largest single financial force that promotes financial inclusion and benefits the poor in developing countries. For those countries, remittances are over three times larger than all other sources of foreign aid combined.

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MSBA Issues a Comment Letter

May 05, 2021

MSBA Comment Letter in response to the Advanced Notice of Proposed Rule-making, “Beneficial Ownership Information Reporting Requirements"

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The Money Services Business Association (MSBA) Announces New Board Chair and Officers

January 27, 2021

The Money Services Business Association (MSBA) – a trade association focusing on the non-bank money services industry – elected Aurora Garza-Hagan, CEO of BBVA Transfer Services, as its new Chairperson, succeeding Paul S. Dwyer Jr., CEO of Viamericas Corp., who was elected as Vice-Chairman. The MSBA also announced the election of Erick Schneider, Senior Vice President of Intermex Wire Transfer as Treasurer, and Jani Gode, Chief Compliance Officer of Payoneer, as the MSBA’s Secretary.

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Texas Department of Banking Issues Supervisory Memorandum 1043

December 11, 2020

The Department of Banking is charged with enforcing laws regarding the advertising of regulated financial services. Under the Texas Banking Act, non-banks cannot use "bank," "bank and trust," or similar terms or phrases in a manner implying to the public that the non-bank is engaged in the business of banking.

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Summer Lunch & Learn Series

July 08, 2020

The MSBA is excited to announce the 2020 Summer Lunch and Learn Series to present outstanding information this summer. Webinar 1 – FFIEC Manual Updates & MSBs Date: July 15, 1 – 2:00 pm ET

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Happy International Day of Family Remittances!

June 15, 2020

Did you know that 1 in 9 people rely on money sent home from migrant workers? These funds help to alleviate poverty, improve nutrition and education, reduce child labor, and safeguard some of the poorest members of society.

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New York Executive Order on Essential Businesses

March 21, 2020

Governor Cuomo, updated the Executive Order noting that only essential businesses can remain open. His original Executive Order ( 202.6) is attached, and we have highlighted the area that defines our services as essential under “banks and related financial services”.

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CSBS Announces roll out of the State Examination System (SES)

February 20, 2020

San Francisco - The Conference of State Bank Supervisors (CSBS) announced the rollout of the State Examination System (SES) nationwide today. The SES is the first national platform to bring both regulators and companies together for transparency and collaboration.

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Statement on Providing Banking Services

June 22, 2019

The purpose of this statement is to make public the FDIC’s internal policies for situations in which the FDIC recommends that a financial institution terminate a customer’s deposit account, and to reiterate outstanding public guidance to financial institutions about providing banking services and carrying out Bank Secrecy Act obligations.

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The MSBA Elects New Board Members for 2019

January 24, 2019

The Money Services Business Association, Inc. (MSBA), a US-based trade association for the non-bank money services industry, has elected four new Board Members for the 2019 – 2021 term.

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MSBA Comment Letter on NMLS Call Report

December 04, 2015

This letter is submitted to the NMLS Working Group and the State Regulatory Registry LLC on behalf of the Money Services Business Association (“MSBA”) in response to a request for comment issued on October 5, 2015.

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