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What are the penalties for non-compliant MSBs?

April 26, 2017msbs non-compliant penalties

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What are the penalties for non-compliant MSBs?

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MSBs must register with FinCEN within 180 days after date the business is established. Any MSB who fails to comply with the requirements to register, keep records, and/or maintain MSB agent lists may be liable for civil penalties of up to $5,000 for each violation. Failure to comply also may subject a person to criminal penalties, which may include imprisonment for up to five (5) years and criminal fines.