DCU Bulletin B-16-17 Guidance on Money Service Businesses

On September 30, the DCU released Bulletin B-16-17, which provides Guidance on Money Service Businesses (MSBs). Operation Choke Point, and additional pushing from regulators, urged financial institutions to avoid offering services to specific businesses identified as high risk – such as money service businesses.  In late 2014, the DOJ and FDIC determined that they should not be doing this, and … Read More

MSB Refresher

The NCUA released its February 2016 issue of the NCUA Report. The Report contains a good overview of the requirements for credit unions if they offer accounts to Money Service Businesses. While credit unions are allowed to provide accounts and services to MSBs, the credit unions must have proper controls in place to identify and manage the risks inherent with … Read More