Money Service Businesses
The State of Alaska became a Uniform Money Service State with enforcement on July 1, 2008. As of that date the State of Alaska has been enforcing the statutes and regulations while extending out to the community to inform money service businesses of the new requirements.
The Money Service Business program is committed to informed compliance and working with regulators, policymakers and law enforcement to identify trends and methods within the industry that are unique to Alaska.
- All MSBs are required to obtain an annual license if they provide money services to Alaska residents.
- At this time the State of Alaska does not regulate check cashers.
- A business conducting money services must be registered with FINCEN prior to doing business in the State of Alaska or offering products and services to Alaska Residents.
- A business conducting money services must be in compliance with OFAC and the U.S. Patriot Act, in addition to other federal statutes and regulations regarding money service businesses.
- An unlicensed money service business may be found in violation of 18 U.S.C. 1960 (b)(1)(a). This violation carries potential federal prosecution for violating the State of Alaska licensing requirements.
Useful information to licensees
- A business license must be obtained prior to licensure as a money service business in the State of Alaska.
- Quarterly reports are due 45 days after each fiscal quarter end.
- Signs must be posted at each delegate location prior to engaging in business. Signs must be in view of the consumer with a font large enough for the consumer to view. For additional information view the CONTACT US page for required information.
- It is the responsibility of each licensee to be familiar with the statutes and regulations governing money service business both federally and for the State of Alaska. Additionally, it is the responsibility of each licensee to require the authorized delegate to certify that the delegate is familiar with and agrees to operate in full compliance 3AAC 13.110.