Ellison Statement on FinCEN Statement on Providing Banking Services to Money Services Businesses

Press Release

Representative Keith Ellison (D-MN) released the following statement today after the Financial Crimes Enforcement Network (FinCEN) released a statement reminding financial depository institutions and the broader financial services industry that if depository institutions follow existing guidance and maintain an appropriate risk-based program, the depository institution will be well positioned to manage accounts from Money Services Businesses (MSBs) and comply with the Bank Secrecy Act (BSA).

"When Americans lose the ability to send money to their families back home, we make those nations less stable and undermine our hope for peace and prosperity for all.

"Today's FinCen statement reminds depository institutions and the broader financial services industry that a depository institution's obligation is to know and understand its MSB customers; it is not required to know each individual customer of the MSB to comply with the BSA.

"I am pleased the Money Remittances Improvement Act (PL 113-156) will help strengthen examinations and oversight and result in greater access for MSBs. I hope today's statement results in future, more formal guidance from both FinCEN and the federal banking regulators to make it easier for new Americans to send money home to their loved ones."

FinCEN's statement comes in response to the alarming closure of bank accounts for Money Service Businesses (MSBs) serving fragile nations like Somalia. Tens of millions of families rely on humanitarian remittances for survival and many nations rely on funds sent from emigrants for business and infrastructure investments. These countries and their people benefit from FinCEN's efforts to ensure a transparent financial system that allows humanitarian assistance while preventing funds from going to terrorists, criminal conspiracies, tax cheats and other bad actors.

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