ATMs, People That Reload Stored Value Cards Aren’t MSBs, FinCEN Says

By Brian Monroe

Merchants and automatic teller machines that help customers reload stored value cards do not necessarily qualify as money services businesses subject to anti-money laundering regulations, the U.S. Treasury Department said. The ruling by the department's Financial Crimes Enforcement Network was issued in response to a June 2007 letter from an unnamed ATM company. According to the three-page FinCEN response, the company services 5,700 banks, credit unions and savings and loan companies and has 140 million cards in circulation and 1.9 million ATM and point-of-sale locations. FinCEN, which administrators the Bank Secrecy Act and hands down sanctions for compliance violations, does...