On March 14, 2012, the Financial Crimes Enforcement Network (“FinCEN”) released the new Registration of Money Services Business (“RMSB”), FinCEN Report 107. The newly released RMSB is intended to supplement two notable 2011 rulemakings. First, in a July 18, 2011, rulemaking, FinCEN clarified that certain foreign-located persons engaging in MSB activities within the United States fall within FinCEN’s definition of an MSB, and therefore must comply with FinCEN requirements, including the requirement to register with FinCEN. Compliance with this rule took effect January 23, 2012. Second, in a July 26, 2011, rulemaking, FinCEN issued a final rule that puts in place suspicious activity reporting, and customer and transactional information collection requirements on providers and sellers of certain types of prepaid access similar to other categories of MSBs. The registration requirements for covered providers of prepaid access devices takes effect March 31, 2012.
FinCEN released Report 107 in order to facilitate the registration requirements of these foreign-located persons engaging in MSB activities in the United States and providers of prepaid access in accordance with July 2011 rulemakings. All other MSBs may continue to utilize the prior registration form until March 31, 2013. Additionally, the new RMSB does not alter the underlying registration requirements or timing for renewals of a registration.