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With Tech Firm Growth Comes Existential Compliance Question: Are We an MSB?
By Kira Zalan
printSan Francisco-based AirBnB isn't exactly what springs to mind when thinking of money services businesses, but the 6-year-old company deemed itself just that last year by registering with the U.S. Treasury Department. Under federal law, most non-bank businesses that facilitate funds transfers between third parties must register with the department's Financial Crimes Enforcement Network (FinCEN) and comply with anti-money laundering (AML) regulations. The firms, known as MSBs, must also obtain licenses from state regulators with stipulations that vary from agency to agency. But for emerging technologies companies, it is less than obvious which businesses are money transmitters, according to Peter...
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