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BIS Taps IMF Digital Cash Heavyweight to Turbocharge CBDC Push
The Bank for International Settlements has appointed IMF digital money chief Tommaso Mancini-Griffoli—an outspoken advocate for regulated, public-backed digital currencies—to lead its Innovation Hub starting in March 2026, signaling a decisive shift toward CBDCs,…
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Cross-Border Payments Hit Turning Point as ISO 20022 Becomes the New Global Language
On 22 November, the global financial community completed its migration to ISO 20022 as the common standard for cross-border payments, ending the coexistence phase with legacy MT messages. This marks one of the biggest…
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CSBS Taps Five Tech Firms to Blow Up Old-School Bank Reporting
On November 21, 2025, the Conference of State Bank Supervisors (CSBS) announced that five technology companies—Lumio, HarmonyTech Inc., Regnology, ICF, and Curinos—have been selected to develop and prototype tools to modernize bank financial data…
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IMF ROLLS OUT PLAYBOOK FOR CENTRAL BANK DIGITAL CASH
The International Monetary Fund (IMF) has published a comprehensive framework designed to guide central banks through the complex process of adopting central bank digital currencies (CBDCs).
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FedMSB rolls out unified definition of Money Services Businesses, drawing clear line between “industry” and “regulatory” MSBs
The Federal Money Services Business Association (FedMSB) has unveiled an industry-wide definition of Money Services Businesses (MSBs), in a bid to give academics, regulators, and the MSB sector a common language for talking about…
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Hanford police investigate alleged Cajitamex money transfer fraud
According to a report by KMPH FOX26 in Fresno, Hanford police have opened an investigation into alleged fraud involving Cajitamex-branded money transfers after residents discovered their remittances were never processed.
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Money Services Business (MSB)
I. Industry Definition（FedMSB Version）
Under theoretical research and industry practice, and administered by FedMSB, a Money Services Business (MSB) refers to any enterprise that provides services involving the handling, movement, exchange, storage, or conversion of monetary value — whether in physical currency, electronic payments, or digital value systems.
In its broad, industry-wide sense, an MSB includes businesses engaged in:
• value transfer and remittance services
• currency exchange or conversion
• payment, settlement, or wallet-based services
• stored-value and prepaid access
• check cashing or cash management
• services enabling the circulation of monetary or quasi-monetary value, including digital asset or virtual value transfer and exchange services
This definition reflects the economic function of MSBs:
enabling the circulation, exchange, and transfer of value for the public.
II. Regulatory Definition（FinCEN Version）
Under the U.S. Bank Secrecy Act (BSA) and administered by FinCEN, the term Money Services Business refers to a specific regulatory category of financial service providers that must register with FinCEN and comply with anti–money laundering (AML) requirements.
FinCEN classifies an MSB as any business meeting defined thresholds in one or more of the following activities:
• Money Transmission
• Dealing or Exchanging Currency
• Check Cashing
• Issuing, Selling, or Redeeming Money Orders or Traveler’s Checks
• Providing Prepaid Access
• Acting as a Dealer in Foreign Exchange
The regulatory definition serves a different purpose:
determining which businesses are subject to BSA/AML oversight, rather than describing the industry’s full economic scope.
U.S. MSB
United States Money Services Business