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MTRA / CSBS Comment on FINCEN’s Proposed Rulemaking

The Money Transmitter Regulators Association (MTRA) and the Conference of State Bank Supervisors (CSBS) issued a joint comment letter in response to FinCEN’s Notice of Proposed Rulemaking to the Definitions and other Regulations relating to Money Services Businesses. The two organizations also provided comments with regard to specific provisions of the proposal.

MTRA and CSBS are supportive of FinCEN’s proposed amendments as the proposals will provide additional clarification in the Bank Secrecy Act regulations relating to Money Services Businesses. Additionally the two organizations have provided comments and suggestions for consideration. The joint comment letter can be found here.