comment letter MSB Definitions and RFC for SV

September 9, 2009 Financial Crimes Enforcement Network P.O. Box 39 Vienna, VA 22183 Re: RIN 1506-AA97 Definitions and Other Regulations Relating to Money Services Businesses Dear Sir or Madam: 1The Independent Community Bankers of America (ICBA) welcomes the opportunity to comment on the notice of proposed rulemaking to clarify which entities are covered by the definitions regarding money services businesses (MSBs). ICBA also appreciates the opportunity to provide feedback and input to FinCEN on the stored value industry as it applies to the Bank Secrecy Act (BSA) regulations to assist in the upcoming proposed rulemaking. Background The Financial Crimes Enforcement Network (FinCEN) is proposing amendments to the MSB definitions so that determining which entities are obligated to comply with the BSA regulations regarding MSBs will be more straightforward. The definition of MSB is based on six distinct categories of financial service providers, including check cashers, money transmitters and issuers and sellers of stored value products. While each category is separately defined, advances in technology, services and products obfuscate the application of the regulations to particular businesses. As a result, FinCEN has issued guidance and administrative rulings over the last decade to assist the industry on how to interpret and apply the regulations. 1 The ...