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. …
Do you Need a US Money Transfer License if You’re Licensed Elsewhere? Read More »
Resource for Money Transmitter License Application on each US State Shipkevich PLLC is a renowned law firm in the United States. They have a very specific domain called Money Transmitter Law and it provides detailed information around the money transmitter industry. What is cool about this website is the interactive US Map that they have, …
You would be surprised how many people would think that if you go to FinCEN’s website and register, you are now licensed and have what you believe to be money transmitter licenses for your money services business. Not true. A FinCEN registration is NOT a license. In fact, there is no federally issued money transmitter …
Is FinCEN Registration a Money Transmitter License? Read More »
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 …
Department of Banking Georgia cancels the Money Transmitter License of a Florida MSB. Read More »
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 …