Organizational Characteristics
The Federal Money Services Business Association Inc. (FedMSB) is a nonprofit 501(c)(6) business league, organized under the laws of the State of New York, and is not a Money Services Business (MSB) as defined under 31 CFR § 1010.100(ff).
FedMSB Does Not Engage In:
Foreign Exchange/ Currency Exchange Activaty
Check Cashing Activity
Money Order/ Traveler’s Check Sales/ Issuance Activity
Money transmission and/or Bill Payment Activity
Virtual Currency Activity
Prepaid Access Provider Activity
Prepaid Access Seller Activity
Any other MSB-regulated activity
Beneficial Ownership Information
As a tax-exempt business league, FedMSB has no shareholders, owners, or individuals who exercise substantial control or hold ownership interests in the organization. The Association is governed by a board of directors and operates exclusively for the advancement of the common business interests of its members, not for private gain.
Under the Corporate Transparency Act and its implementing regulations (31 CFR § 1010.380(c)(2)(ix)), FedMSB is exempt from Beneficial Ownership Information (BOI) reporting as it: 1)is organized under IRC § 501(c)(6); 2) has submitted IRS Form 1024 to apply for recognition of exemption under § 501(a); 3) operates solely as a nonprofit business league; 4) has no ownership or control structure that would trigger BOI reporting requirements.
Where FedMSB Stand
FedMSB, to advance the development of the next-generation MSB 2.0 architecture, is committed to full compliance with applicable laws and regulations and welcomes ongoing engagement with financial institutions and regulators.
Download Statement
《 Non-Money Transmission and Non-Financial Role Statement 》
Download Bylaws
《 Bylaws of the Federal Money Services Business Association Inc. 》