What is the primary role of a money service business (MSB)?

The primary role of a money service business (MSB) is to offer financial services to customers. MSBs engage in activities such as currency exchange, money transfers, and check cashing, which facilitate various financial transactions for individuals and businesses. These services are essential in helping customers manage their money, especially those who may not have access to traditional banking services.

This focus on providing financial services distinguishes MSBs from roles like managing employee benefits or selling retail products, which do not align with the core functions of an MSB. The emphasis on customer financial interactions supports the understanding of MSBs as vital components of the financial landscape, enabling seamless transactions and promoting financial inclusion among diverse populations.