What is one requirement that MSBs have when dealing with credit unions?

Money Services Businesses (MSBs) are required to provide a FinCEN registration number when engaging with financial institutions, including credit unions. This registration number serves as proof that the MSB is duly registered with the Financial Crimes Enforcement Network (FinCEN) and is compliant with the regulations outlined in the Bank Secrecy Act (BSA). By obtaining this registration, the MSB demonstrates its commitment to maintaining necessary compliance standards and helps credit unions assess the risk associated with doing business with them.

This requirement also facilitates the credit union's due diligence and monitoring obligations, ensuring that they only work with registered and compliant MSBs. Therefore, providing a FinCEN registration number is a critical component of regulatory compliance in the relationship between traditional financial institutions and MSBs.