Which agency must money services businesses (MSBs) register with according to AML regulations?

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Multiple Choice

Which agency must money services businesses (MSBs) register with according to AML regulations?

Explanation:
MSBs must register with FinCEN because that agency, within the U.S. Treasury, is responsible for Bank Secrecy Act compliance and AML oversight for money services businesses. FinCEN maintains the national registry of MSBs, enabling federal authorities to monitor for money laundering risk, impose AML program requirements, and oversee reporting like SARs and CTRs. The other agencies—SEC, FDIC, and OCC—regulate banks and securities or oversee specific financial institutions, but they are not the registration authority for MSBs.

MSBs must register with FinCEN because that agency, within the U.S. Treasury, is responsible for Bank Secrecy Act compliance and AML oversight for money services businesses. FinCEN maintains the national registry of MSBs, enabling federal authorities to monitor for money laundering risk, impose AML program requirements, and oversee reporting like SARs and CTRs. The other agencies—SEC, FDIC, and OCC—regulate banks and securities or oversee specific financial institutions, but they are not the registration authority for MSBs.

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