What counts as a money services business
MSB rules cover businesses that move or convert money for others.
- Money transmission and remittance
- Currency exchange and foreign exchange dealing
- Prepaid access and stored value
- Check cashing and money orders
- Virtual currency exchange and transfer
FinCEN MSB registration (United States)
US MSBs register with FinCEN using Form 107, generally within 180 days of being established, and renew the registration every two years. Registration comes with ongoing obligations: an AML program, recordkeeping, and suspicious activity and currency transaction reporting.
FinCEN registration is federal. State money transmitter licensing is separate, and Montana is notable for not having a state money transmitter licensing statute.
FINTRAC MSB registration (Canada)
Canadian and foreign MSBs serving Canadians register with FINTRAC. Registration is renewed every two years and requires a compliance program, client identification, record keeping, and transaction reporting.
From registration to live product
A registration alone does not give you customer accounts, transfers, or apps. EBANQ provides the white-label banking software, so your MSB can run branded accounts, transfers, and mobile apps from day one of operations.
Common questions
How long does MSB registration take?
FinCEN registration itself is filed online and is usually quick; preparing the entity, compliance program, and banking relationships takes longer. Timelines vary by structure.
How long is MSB registration good for?
FinCEN and FINTRAC registrations are both renewed every two years.
Is a Canada MSB license the same as registration?
FINTRAC registers MSBs rather than licensing them. Some provinces, such as Quebec, have additional requirements.
General information only, not legal advice. Requirements depend on your activities and the jurisdictions where you serve customers.