31 CFR 1022.380 Registration of money services businesses (180 days; renew every 2 years; agent list)
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§ 1022.380 31 CFR Ch. X (7–1–25 Edition)
reveal the existence of a SAR, shall de- purposes of this section, ‘‘official du-
cline to produce the SAR or such infor- ties’’ shall not include the disclosure of
mation, citing this section and 31 a SAR, or any information that would
U.S.C. 5318(g)(2)(A)(i), and shall notify reveal the existence of a SAR, in re-
FinCEN of any such request and the re- sponse to a request for disclosure of
sponse thereto. non-public information or a request for
(ii) Rules of Construction. Provided use in a private legal proceeding, in-
that no person involved in any reported cluding a request pursuant to 31 CFR
suspicious transaction is notified that 1.11.
the transaction has been reported, this (e) Limitation on liability. A money
paragraph (d)(1) shall not be construed services business, and any director, of-
as prohibiting: ficer, employee, or agent of any money
(A) The disclosure by a money serv- services business, that makes a vol-
ices business, or any director, officer, untary disclosure of any possible viola-
employee, or agent of a money services tion of law or regulation to a govern-
business, of: ment agency or makes a disclosure
(1) A SAR, or any information that pursuant to this section or any other
would reveal the existence of a SAR, to authority, including a disclosure made
FinCEN or any Federal, State, or local jointly with another institution, shall
law enforcement agency, or any Fed- be protected from liability to any per-
eral regulatory authority that exam- son for any such disclosure, or for fail-
ines the money services business for ure to provide notice of such disclosure
compliance with the Bank Secrecy Act, to any person identified in the disclo-
or any State regulatory authority ad- sure, or both, to the full extent pro-
ministering a State law that requires vided by 31 U.S.C. 5318(g)(3).
the money services business to comply (f) Compliance. Money services busi-
with the Bank Secrecy Act or other- nesses shall be examined by FinCEN or
wise authorizes the State authority to its delegatees for compliance with this
ensure that the money services busi- section. Failure to satisfy the require-
ness complies with the Bank Secrecy ments of this section may be a viola-
Act; or tion of the Bank Secrecy Act and of
(2) The underlying facts, trans- this chapter.
actions, and documents upon which a (g) Applicability date. This section ap-
SAR is based, including but not limited plies to transactions occurring after
to, disclosures to another financial in- December 31, 2001.
stitution, or any director, officer, em- [75 FR 65812, Oct. 26, 2010, as amended at 75
ployee, or agent of a financial institu- FR 10518, Feb. 25, 2011; 76 FR 45420, July 29,
tion, for the preparation of a joint 2011; 81 FR 76865, Nov. 4, 2016]
SAR.
(B) The sharing by a money services § 1022.380 Registration of money serv-
business, or any director, officer, em- ices businesses.
ployee, or agent of the money services (a) Registration requirement—(1) In
business, of a SAR, or any information general. Except as provided in para-
that would reveal the existence of a graph (a)(3) of this section, relating to
SAR, within the money services agents, and except for sellers of prepaid
business’s corporate organizational access as defined in § 1010.100(ff)(7) of
structure for purposes consistent with this chapter to the extent that they are
Title II of the Bank Secrecy Act as de- not already agents, each money serv-
termined by regulation or in guidance. ices business (whether or not licensed
(2) Prohibition on disclosures by govern- as a money services business by any
ment authorities. A Federal, State, State) must register with FinCEN.
local, territorial, or Tribal government Each provider of prepaid access must
authority, or any director, officer, em- identify each prepaid program for
ployee, or agent of any of the fore- which it is the provider of prepaid ac-
going, shall not disclose a SAR, or any cess. Each money services business
information that would reveal the ex- must, as part of its registration, main-
skersey on DSK4WB1RN3PROD with CFR
istence of a SAR, except as necessary tain a list of its agents as required by
to fulfill official duties consistent with 31 U.S.C. 5330 and this section. This
Title II of the Bank Secrecy Act. For section does not apply to the United
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Financial Crimes Enforc. Network, Treas. § 1022.380
States Postal Service, to agencies of mation required by the form must be
the United States, of any State, or of reported in the manner and to the ex-
any political subdivision of a State. tent required by the form.
(2) Foreign-located money services busi- (ii) A branch office of a money serv-
ness. Each foreign-located person doing ices business is not required to file its
business, whether or not on a regular own registration form. A money serv-
basis or as an organized or licensed ices business must, however, report in-
business concern, in the United States formation about its branch locations or
as a money services business shall des- offices as provided by the instructions
ignate the name and address of a per- to the registration form.
son who resides in the United States (iii) A money services business must
and is authorized, and has agreed, to be
retain a copy of any registration form
an agent to accept service of legal
filed under this section and any reg-
process with respect to compliance
istration number that may be assigned
with this chapter, and shall identify
the address of the location within the to the business at a location in the
United States for records pertaining to United States and for the period speci-
paragraph (b)(1)(iii) of this section. fied in § 1010.430(d) of this Chapter.
(3) Agents. A person that is a money (2) Registration period. A money serv-
services business solely because that ices business must be registered for the
person serves as an agent of another initial registration period and each re-
money services business, see newal period. The initial registration
§ 1010.100(ff) of this chapter, is not re- period is the two-calendar-year period
quired to register under this section, beginning with the calendar year in
but a money services business that en- which the money services business is
gages in activities described in first required to be registered. How-
§ 1010.100(ff) of this chapter both on its ever, the initial registration period for
own behalf and as an agent for others a money services business required to
must register under this section. For register by December 31, 2001 (see para-
example, a supermarket corporation graph (b)(3) of this section) is the two-
that acts as an agent for an issuer of calendar year period beginning 2002.
money orders and performs no other Each two-calendar-year period fol-
services of a nature and value that lowing the initial registration period is
would cause the corporation to be a a renewal period.
money services business, is not re- (3) Due date. The registration form
quired to register; the answer would be for the initial registration period must
the same if the supermarket corpora- be filed on or before the end of the 180-
tion served as an agent both of a day period beginning on the day fol-
money order issuer and of a money
lowing the date the business is estab-
transmitter. However, registration
lished. The registration form for a re-
would be required if the supermarket
newal period must be filed on or before
corporation, in addition to acting as an
agent of an issuer of money orders, the last day of the calendar year pre-
cashed checks or exchanged currencies ceding the renewal period.
(other than as an agent for another (4) Events requiring re-registration. If a
business) in an amount greater than money services business registered as
$1,000 in currency or monetary or other such under the laws of any State expe-
instruments for any person on any day, riences a change in ownership or con-
in one or more transactions. trol that requires the business to be re-
(4) Agency status. The determination registered under State law, the money
whether a person is an agent depends services business must also be re-reg-
on all the facts and circumstances. istered under this section. In addition,
(b) Registration procedures—(1) In gen- if there is a transfer of more than 10
eral. (i) A money services business percent of the voting power or equity
must be registered by filing such form interests of a money services business
as FinCEN may specify with FinCEN (other than a money services business
skersey on DSK4WB1RN3PROD with CFR
(or such other location as the form that must report such transfer to the
may specify). The information required Securities and Exchange Commission),
by 31 U.S.C. 5330(b) and any other infor- the money services business must be
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§ 1022.380 31 CFR Ch. X (7–1–25 Edition)
re-registered under this section. Fi- list of agents available to FinCEN and
nally, if a money services business ex- any other appropriate law enforcement
periences a more than 50-per cent in- agency (including, without limitation,
crease in the number of its agents dur- the examination function of the Inter-
ing any registration period, the money nal Revenue Service in its capacity as
services business must be re-registered delegee of Bank Secrecy Act examina-
under this section. The registration tion authority). Requests for informa-
form must be filed not later than 180 tion made pursuant to the preceding
days after such change in ownership, sentence shall be coordinated through
transfer of voting power or equity in- FinCEN in the manner and to the ex-
terests, or increase in agents. The cal- tent determined by FinCEN. The origi-
endar year in which the change, trans- nal list of agents and any revised list
fer, or increase occurs is treated as the must be retained for the period speci-
first year of a new two-year registra- fied in § 1010.430(d) of this chapter.
tion period. (2) Information included on the list of
(c) Persons required to file the registra- agents—(i) In general. Except as pro-
tion form. Under 31 U.S.C. 5330(a), any vided in paragraph (d)(2)(ii) of this sec-
person who owns or controls a money tion, a money services business must
services business is responsible for reg- include the following information with
istering the business; however, only respect to each agent on the list (in-
one registration form is required to be cluding any revised list) of its agents—
filed for each registration period. A (A) The name of the agent, including
person is treated as owning or control- any trade names or doing-business-as
ling a money services business for pur- names;
poses of filing the registration form
(B) The address of the agent, includ-
only to the extent provided by the
ing street address, city, state, and ZIP
form. If more than one person owns or
code;
controls a money services business, the
owning or controlling persons may (C) The telephone number of the
enter into an agreement designating agent;
one of them to register the business. (D) The type of service or services
The failure of the designated person to (money orders, traveler’s checks, check
register the money services business sales, check cashing, currency ex-
does not, however, relieve any of the change, and money transmitting) the
other persons who own or control the agent provides;
business of liability for the failure to (E) A listing of the months in the 12
register the business. See paragraph (e) months immediately preceding the
of this section, relating to con- date of the most recent agent list in
sequences of the failure to comply with which the gross transaction amount of
31 U.S.C. 5330 or this section. the agent with respect to financial
(d) List of agents—(1) In general. A products or services issued by the
money services business must prepare money services business maintaining
and maintain a list of its agents. The the agent list exceeded $100,000. For
initial list of agents must be prepared this purpose, the money services gross
by January 1, 2002, and must be revised transaction amount is the agent’s
each January 1, for the immediately gross amount (excluding fees and com-
preceding 12 month period; for money missions) received from transactions of
services businesses established after one or more businesses described in
December 31, 2001, the initial agent list § 1010.100(ff) of this chapter;
must be prepared by the due date of the (F) The name and address of any de-
initial registration form and must be pository institution at which the agent
revised each January 1 for the imme- maintains a transaction account (as
diately preceding 12-month period. The defined in 12 U.S.C. 461(b)(1)(C)) for all
list is not filed with the registration or part of the funds received in or for
form but must be maintained at the lo- the financial products or services
cation in the United States reported on issued by the money services business
skersey on DSK4WB1RN3PROD with CFR
the registration form under paragraph maintaining the list, whether in the
(b)(1) of this section. Upon request, a agent’s or the business principal’s
money services business must make its name;
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Financial Crimes Enforc. Network, Treas. § 1022.410
(G) The year in which the agent first Subpart D—Records Required To
became an agent of the money services Be Maintained By Money
business; and Services Businesses
(H) The number of branches or sub-
agents the agent has. § 1022.400 General.
(ii) Special rules. Information about Money services businesses are subject
agent volume must be current within to the recordkeeping requirements set
45 days of the due date of the agent forth and cross referenced in this sub-
list. The information described by part. Money services businesses should
paragraphs (d)(2)(i)(G) and (d)(2)(i)(H) also refer to subpart D of Part 1010 of
of this section is not required to be in- this chapter for recordkeeping require-
cluded in an agent list with respect to ments contained in that subpart which
any person that is an agent of the apply to money services businesses.
money services business maintaining
the list before the first day of the § 1022.410 Additional records to be
month beginning after February 16, made and retained by dealers in
2000 so long as the information de- foreign exchange.
scribed by paragraphs (d)(2)(i)(G) and (a)(1) After July 7, 1987, each dealer
(d)(2)(i)(H) of this section is made in foreign exchange shall secure and
available upon the request of FinCEN maintain a record of the taxpayer iden-
and any other appropriate law enforce- tification number of each person for
ment agency (including, without limi- whom a transaction account is opened
tation, the examination function of the or a line of credit is extended within 30
Internal Revenue Service in its capac- days after such account is opened or
ity as delegee of Bank Secrecy Act ex- credit line extended. Where a person is
amination authority). a non-resident alien, the dealer in for-
(e) Consequences of failing to comply eign exchange shall also record the per-
with 31 U.S.C. 5330 or the regulations son’s passport number or a description
thereunder. It is unlawful to do business of some other government document
without complying with 31 U.S.C. 5330 used to verify his identity. Where the
and this section. A failure to comply account or credit line is in the names
with the requirements of 31 U.S.C. 5330 of two or more persons, the dealer in
or this section includes the filing of foreign exchange shall secure the tax-
false or materially incomplete infor- payer identification number of a person
mation in connection with the reg- having a financial interest in the ac-
istration of a money services business. count or credit line. In the event that
Any person who fails to comply with a dealer in foreign exchange has been
unable to secure the identification re-
any requirement of 31 U.S.C. 5330 or
quired within the 30-day period speci-
this section shall be liable for a civil
fied, it shall nevertheless not be
penalty of $5,000 for each violation.
deemed to be in violation of this sec-
Each day a violation of 31 U.S.C. 5330
tion if:
or this section continues constitutes a
(i) It has made a reasonable effort to
separate violation. In addition, under
secure such identification, and
31 U.S.C. 5320, the Secretary of the
(ii) It maintains a list containing the
Treasury may bring a civil action to
names, addresses, and account or credit
enjoin the violation. See 18 U.S.C. 1960
line numbers of those persons from
for a criminal penalty for failure to
whom it has been unable to secure such
comply with the registration require-
identification, and makes the names,
ments of 31 U.S.C. 5330 or this section.
addresses, and account or credit line
(f) Applicability date. This section is numbers of those persons available to
applicable as of September 20, 1999. the Secretary as directed by him.
Registration of money services busi- (2) The 30-day period provided for in
nesses under this section will not be re- paragraph (a)(1) of this section shall be
quired prior to December 31, 2001. extended where the person opening the
skersey on DSK4WB1RN3PROD with CFR
[75 FR 65812, Oct. 26, 2010, as amended at 76 account or credit line has applied for a
FR 43597, July 21, 2011; 76 FR 45420, July 29, taxpayer identification or social secu-
2011; 81 FR 76865, Nov. 4, 2016] rity number on Form SS–4 or SS–5,
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