Certified Fraud Examiner Practice

A Money Services Business (MSB) primarily provides non-depository financial services, which distinguishes it from traditional depository institutions like banks that accept deposits. MSBs engage in various activities that facilitate the transfer and exchange of money. These activities may include currency exchange, check cashing, money orders, electronic funds transfers, and other similar services aimed at consumers and businesses that do not require a formal banking relationship.

The focus of MSBs is on delivering financial transactions rather than holding deposits, which is central to depository institutions. This non-depository nature aligns with the regulatory framework set for MSBs, which exists to ensure compliance with anti-money laundering (AML) and other financial regulations, but does not extend to functions typical of banking services, investment banking, or insurance, as they lie outside the primary role of MSBs.