Which category is NOT considered an MSB?

Investment brokers are considered to be engaged primarily in the buying and selling of securities or investment products and do not typically fall under the definition of a Money Services Business (MSB) as outlined by the Financial Crimes Enforcement Network (FinCEN). MSBs are generally defined as entities that conduct activities involving the transmission of currency, the exchange of currency, or the issuance of certain financial instruments, such as traveler's checks.

In contrast, currency dealers or exchangers, issuers of traveler's checks, and money transmitters are all specifically categorized as MSBs because they handle or facilitate transactions involving currency or monetary instruments. This highlights the primary distinction: MSBs are involved in the direct movement or exchange of money, while investment brokers focus on investments and securities, which do not involve the direct transmission of currency as a service.