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A Money Service Business is a non-depository and non-lending institution, whilst a Bank is allowed to retain customer deposits and is allowed to do commercial lending based on that money.

The term "money services business" includes any person doing business, whether or not on a regular basis or as an organized business concern, in one or more of the following capacities:

(1) Currency dealer or exchanger.

(2) Check casher.

(3) Issuer of traveler's checks, money orders or stored value.

(4) Seller or redeemer of traveler's checks, money orders or stored value.

(5) Money transmitter.

(6) U.S. Postal Service.

No activity threshold applies to the definition of money transmitter. Thus, a person who engages as a business in the transfer of funds is an MSB as a money transmitter.

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