WASHINGTON — The Financial Crimes Enforcement Network on Wednesday released a new electronic form to allow prepaid card providers — as well as foreign money services businesses — to register with the agency.
Fincen released a rule on July 26 requiring prepaid providers to register as money services businesses beginning on March 31.
The agency also issued a final rule on July 18 requiring foreign companies engaging in money services business activities in the United States to comply with Fincen requirements, including registration.
Foreign MSBs were technically required to comply by Jan. 23, but the previous registration form did not accommodate electronic filings by foreign companies. The agency is encouraging them to register "as soon as possible" now that the form is available through Fincen's BSE E-Filing System.
All other money services businesses may continue to use the old registration form required by Fincen until March 31, 2013, the agency said in a press release.