The Financial Crimes Enforcement Network issued a proposal Tuesday designed to clarify which companies qualify as money services businesses.
The proposal would revise the definition of money services businesses by describing with more clarity the types of financial activity subject to Bank Secrecy Act rules. Currently a money services business could be a person that does $1,000 worth of transactions per person per day. Fincen is seeking comments on whether this threshold should be raised or reduced.
An entity that transmits money in any amount would remain subject to anti-money-laundering filings, but the plan is directed at other categories of money services business.
