When opening an account, what must most Money Services Businesses (MSBs) provide to credit unions?

Most Money Services Businesses (MSBs) are required to provide their FinCEN registration number when opening an account with credit unions. This is critical because the Bank Secrecy Act (BSA) mandates that MSBs register with the Financial Crimes Enforcement Network (FinCEN) and maintain this registration in order to operate legally. The FinCEN registration helps financial institutions verify that the MSB is in compliance with federal regulations, ensuring that they can properly implement anti-money laundering (AML) measures.

Having the FinCEN registration number allows credit unions to conduct necessary due diligence and assess the risk associated with the MSB. This process is essential for financial institutions to meet their own regulatory obligations under the BSA. Although other documents, such as a business registration certificate or an operating license, may also be relevant, the FinCEN registration number specifically relates to the compliance and monitoring required under the BSA framework.