Has a determination been made as to when Thillens became a money services business (MSB)? We read that the requirement to file currency transaction reports (CTRs) related to Thillens transactions was triggered when they became an MSB, and we would like to know when this occurred to determine when the duty to file CTRs technically arose.

We recommend contacting Thillens directly to inquire as to the date it became an MSB.

According to FinCEN’s MSB Registrant Search page, Thillens, Inc. renewed its MSB registration on December 29, 2020, and its MSB activities are listed as “money transmitter, other.” An entity called Thillens Armored Services, LLC appears to have filed its initial MSB registration on March 20, 2019, and its MSB activities are listed as “check casher (including traveler’s and money orders), other.” However, this information is submitted by the MSB registrants, and “FinCEN does not verify information submitted by the MSB.”

Consequently, we recommend reviewing any agreements you have with Thillens to determine which entity you are doing business with and requesting that it verify the date on which it first became an MSB.

Additionally, we note that FinCEN has provided exceptive relief from the obligation to back file CTRs for cash shipments received from Thillens to banks who have requested it. We have viewed an administrative ruling providing such relief, and it indicates that FinCEN is “providing the Bank with exceptive relief from the obligation to back file CTRs to the beginning of the contract date with the MSB.”

Also, a member of our Compliance Division Advisory Committee received a sample letter to FinCEN from Thillens for the purposes of requesting exceptive relief from backfiling CTRs related to their transactions with Thillens. If you choose to use it as a template, we recommend reviewing it carefully, as not all information may pertain to your bank.

For resources related to our guidance, please see:

FinCEN, MSB Registrant Search

FinCEN MSB Registration Status Information, Thillens, Inc. (September 24, 2021) (“MSB Activities: Money transmitter, Other . . . States of MSB Activities: Illinois, Indiana, Iowa, Minnesota, Missouri, Wisconsin . . . Received Date: 12/29/2020”)

FinCEN MSB Registration Status Information, Thillens Armored Services, LLC (September 24, 2021) (“MSB Activities: Check casher (Including traveler's and money orders), Other . . . States of MSB Activities: Illinois, Indiana, Iowa, Minnesota, Missouri, Wisconsin . . . Received Date: 03/20/2019”)

FinCEN MSB Registration Status Information, Thillens, Inc. (September 24, 2021) and Thillens Armored Services, LLC (September 24, 2021) (“Information contained on this site has been provided by the MSB registrant. FinCEN does not verify information submitted by the MSB. Information provided on this site reflects only what was provided directly to FinCEN.”)

FinCEN Administrative Ruling (May 26, 2021) (“Pursuant to 31 CFR § 1010.970, we have provided exceptive relief from the obligation to back file CTRs to those Banks that have requested relief from FinCEN. However, we remind the Banks that to the extent the MSB either did not file CTRs, or filed deficient CTRs, on behalf of each Bank, such Bank ultimately remains liable.”)

FinCEN Administrative Ruling to bank requesting exceptive relief (“Pursuant to 31 CFR § 1010.970, we are providing the Bank with exceptive relief from the obligation to back file CTRs to the beginning of the contract date with the MSB. However, we remind the Bank that to the extent the MSB either did not file CTRs, or filed deficient CTRs, on behalf of the Bank, the Bank ultimately remains liable. We decline to issue exceptive relief for future transactions in this case, as FinCEN has previously issued guidance on the requirement for financial institutions, including depository institutions, to file CTRs in the scenario described in the Request.”)