Do you Need a US Money Transfer License if You’re Licensed Elsewhere?

Yes, you do. If you're licensed outside US and pick up customers within the United States without a money transfer license, you're violating a US law. Yes, that's right. The US government makes no distinction between money transfer operating within the country and money transfer companies licensed outside the US, but picking up US customers. … Continue reading Do you Need a US Money Transfer License if You’re Licensed Elsewhere?

Department of Banking Georgia cancels the Money Transmitter License of a Florida MSB.

The Department of Banking just canceled the money transmitter license of a Florida, sole-proprietor owned Money Services Business (MSB). You can read the short-order announcement below. Department Orders Revocation of RANA Financial, LLC’s Money Transmitter License and Orders Ronildo Freitas to Cease and Desist The Final Order (PDF) can be read here. In hindsight you … Continue reading Department of Banking Georgia cancels the Money Transmitter License of a Florida MSB.

Money Transmitter Licenses for a Startup

Money transmitter licenses are necessary for businesses that are providing financial services in the United States. According to FinCEN guidelines, you may be classified as a money services business, or MSB, if you are: " (1) Currency dealer or exchanger. (2) Check casher. (3) Issuer of traveler's checks, money orders or stored value. (4) Seller or redeemer of … Continue reading Money Transmitter Licenses for a Startup