FinCEN Seeks Input on RMSB Registration Burden & Cost Estimates

The Financial Crimes Enforcement Network (FinCEN) has issued a 60 day notice inviting public comment on the renewal of the Office of Management and Budget control number covering the Registration of Money Services Business (RMSB) framework. Published on 30 April 2026, the notice relates to requirements set out in 31 CFR 1022.380 and the continued use of FinCEN Form 107.

The RMSB regime forms a core part of the Bank Secrecy Act compliance architecture in the United States, requiring money services businesses to formally register with FinCEN, renew that registration every two years and maintain up to date records of their agents where applicable. These obligations underpin supervisory visibility of non bank financial intermediaries and support anti money laundering and counter terrorist financing controls.

The consultation is issued under the Paperwork Reduction Act, which mandates periodic review of federal information collection requirements. As part of this process, FinCEN is assessing whether the existing reporting framework remains necessary and proportionate, while also examining the accuracy of its estimates regarding industry burden, including time and cost implications for affected entities.

Notably, FinCEN is proposing an updated methodology to improve how it calculates compliance costs and administrative effort. This reflects increasing regulatory scrutiny of data collection efficiency and a broader push across US agencies to refine how regulatory impact is measured. For industry participants, this aspect of the consultation may be particularly significant, as revised assumptions could influence future policymaking and enforcement expectations.

Stakeholders, including money services businesses, compliance professionals and industry bodies, are encouraged to submit comments by 29 June 2026. Responses are likely to shape not only the continuation of the RMSB registration framework but also how FinCEN evaluates regulatory burden going forward.

Read the notice here.