Money Service Business (MSB)

A Money Service Business (MSB) is a legal term used to describe companies engaged in activities such as money transmission, currency exchange, check cashing, remittance services, and related financial services. Prominent global MSBs include PayPal, Western Union, MoneyGram, Revolut, and TransferWise. MSBs operate under strict regulatory and compliance frameworks, including Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures, to prevent fraud, theft, and misuse of funds. MSBs provide services similar to banks and must hold valid money transfer licenses.