Best Practices for US Money Services Businesses

May 11, 2022

The MSBA collaborated with The Electronic Transactions Association (ETA); INFiN, a Financial Services Alliance; and The Money Services Round Table (TMSRT) to create a comprehensive template for companies that represent the full range of MSBs.

This extensive cross-sector effort focused on two goals: First, to refine MSB AML/CFT compliance standards to safeguard financial systems, and second, to address the challenge of forced de-risking (the cancellation of banking services to entire business lines, rather than on a case-by-case basis).

These Best Practices reflect the MSB industry’s commitment to ensuring a safe and compliant environment. The MSBA is thankful to all the regulatory and law enforcement agencies, financial institutions, money services businesses, trade organizations, banks, public policy bodies, and numerous individuals that provided feedback on this document and help the industry-driven effort to improve compliance with AML/CFT regulations.

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