"The U.S. Bank Secrecy Act is a sweeping law that applies to virtually anyone who handles money. Nothing quite so effectively drives home the breadth of the BSA's coverage as its definition of 'financial institution,' which includes more than two dozen types of businesses, ranging from banks and securities dealers to money services businesses, pawnbrokers, casinos and travel agencies." "For many years, simply because an institution was a 'financial institution' under the BSA (Title 31, USC Secs. 5311-5355) did not necessarily mean it was subject to any specific recordkeeping, reporting or other anti-money laundering (AML) duties. Money services businesses, for example, have long been defined as financial institutions without being covered by some AML requirements. But the USA Patriot Act of 2001 changed that, mandating new requirements for a wide array of industries, including money services businesses." (MoneyLaundering.com, February 2004) What is the OFAC and USA PATRIOT Act? What practical steps can be taken to comply with these and other government regulations while mitigating various forms of risk? You may find the OFAC and USA PATRIOT Act Policy and Procedure Guides helpful in answering these questions. Click here to learn whether or not you are considered a Money Service Business by FinCEN.