Best Practices and Pricing for Banking Money Services Businesses (MSBs)

Last updated: August 2, 2026 | By: Kristin Parker, SVP of Customer Success

Key Summary

Banking money services businesses requires risk-based onboarding, verification of registration or licensing when applicable, clear program boundaries, ongoing monitoring, and pricing that reflects the work required for each relationship. RiskScout's guide explains how financial institutions can assess MSB risk, build examiner-ready controls, and evaluate pricing without treating every MSB as identical.

Serving Money Services Businesses (MSBs) can be a high-reward opportunity—but only when managed with the right risk controls and pricing strategy. Built by former BSA Officers and compliance experts, this practical guide outlines everything your institution needs to know to safely and profitably support MSBs.

Whether you're already banking MSBs or just exploring the opportunity, this resource will walk you through how to assess risk, define program boundaries, and build scalable, exam-ready controls across onboarding, monitoring, and exit planning.

Why Download This Guide?

• Know Who You’re Banking: Learn how to identify MSBs already in your portfolio—and how to evaluate their risk profiles.

• Price with Confidence: Access industry-aligned pricing best practices for both direct MSBs and MSB agents, including real-world fee benchmarks.

• Avoid Compliance Pitfalls: Get red flags, exit strategies, and staff training insights to protect your institution while supporting a high-risk segment.

What Banking MSBs Requires and What Drives Pricing

FinCEN's interagency guidance identifies several minimum due diligence steps for banking an MSB:

• Apply the institution's Customer Identification Program.

• Confirm FinCEN registration when required.

• Confirm applicable state or local licensing.

• Confirm agent status when applicable.

• Conduct a basic BSA/AML risk assessment to determine whether further due diligence is necessary.

  
  

The depth of additional review should reflect the individual relationship. Relevant factors include the MSB's products and services, markets and locations, anticipated activity, ownership, agent structure, and the purpose of the account.

Pricing should reflect that same operational reality. Monitoring volume, due diligence needs, documentation, agent complexity, and review frequency can change the work required to manage the relationship. The detailed fee framework remains inside the downloadable guide.

FinCEN maintains an official MSB registration resource for registration requirements and related materials.

Frequently Asked Questions

Are all money services businesses considered equally risky?

No. FinCEN's guidance states that due diligence should reflect the risks of the individual MSB customer. Some relationships may require basic due diligence, while others require a more extensive review.

How can an institution verify an MSB?

The institution should confirm FinCEN registration when required, applicable licensing, and agent status when applicable. It should document the review and complete a risk assessment before deciding what additional due diligence is necessary.

What should ongoing MSB monitoring include?

Monitoring should compare actual activity with the institution's understanding of the MSB's services, markets, expected transactions, and risk profile. Material changes or suspicious activity may require additional review, escalation, or reporting.

How should an institution price an MSB relationship?

Pricing should reflect the monitoring, due diligence, documentation, and operational work required for the specific relationship. RiskScout's downloadable guide provides the detailed pricing framework and fee benchmarks.

Meet the Author:

Kristin Parker, SVP of Customer Success

Kristin is a seasoned expert in BSA/AML and fraud prevention, with extensive experience building and implementing monitoring programs for higher-risk industries. She has contributed to significant updates in the FFIEC manual, provided practical, risk-based AML guidance at industry events, and played a key role in the development of RiskScout’s innovative, actionable BSA solutions. Recognized by her peers as PBC's Compliance Person of the Year, Kristin continues to champion efficient, technology-driven approaches that empower financial institutions to confidently manage regulatory requirements. Follow Kristin on LinkedIn Related: MSB and ATM Banking | BSA/AML Platform