FinCEN Renews Money Biz Registration: No Changes, Just Comments
Published Date: 4/30/2026
Notice
Summary
FinCEN is renewing the rules that require money services businesses—like money transfer companies and check cashers—to register every two years using Form 107. There are no changes to the rules, but FinCEN wants your comments by June 29, 2026. This keeps things clear and simple while helping prevent financial crimes without adding extra paperwork or costs.
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Analyzed Economic Effects
6 provisions identified: 1 benefits, 5 costs, 0 mixed.
Two-year MSB registration rule
If you operate a money services business (MSB) as a principal, you must register with FinCEN using FinCEN Form 107 and renew that registration every two years. The initial registration must be filed on or before the end of the 180-day period after the MSB is established, and the first renewal is due on or before December 31 of the second calendar year of the initial two-year registration period.
Annual MSB agent list requirement
If you are an MSB principal that uses agents, you must prepare and maintain an MSB agent list and revise it each January 1 for the immediately preceding 12-month period with information current within 45 days of the revision. The list must include, among other items, name, address, phone number, types of MSB activity, months when an agent's gross transactions exceeded $100,000, first year served, and the depository institution name and address if applicable.
Re-registration triggers (180-day window)
MSBs must re-register with FinCEN not later than 180 days after any of these events: (1) a change in ownership that requires re-registration under state law, (2) a transfer of 10 percent of voting or equity interest in the MSB, or (3) an increase in MSB agents of 50 percent or more.
Five-year U.S. record retention requirement
MSBs must keep a copy of any registration form filed under 31 CFR 1022.380 for five years at a location in the United States. This applies to copies of initial registrations, renewals, and re-registrations.
Agent-only MSBs exempt from registration
A person that is an MSB solely because they serve as an agent of another MSB is not required to register with FinCEN using Form 107. Only MSB principals (not solely-agent entities) must register.
Estimated annual industry burden and cost
FinCEN estimates the covered requirements generate about 17,997 annual respondents, 14,047 total annual burden hours, and an average total annual compliance cost of $1,752,126. FinCEN also estimates average per-response burdens of about 0.83 hours for initial registrations, 0.67 hours for renewals/re-registrations, and 0.5 hours for agent-list maintenance.
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