Licensing

California Money Transmitter License - Basic Information Getting a Money Transmitter License for California is considered one of the most difficult tasks in the industry. Included in the ‘Big 3’ licenses, the Golden State’s regulations are even more complicated than the other two – New York and Texas – for money services businesses to navigate. Who Regulates the License? The regulator that governs the money transmitter license in California is the Department of Financial Protection and Innovation (DFPI). ...

Money Transmitter License Cost One question that is often asked is, How much will amoney transmitter license cost? To answer this question, we have to break down certain things. First of all, the money transmitter license cost varies depending on the number of States and US territories you want to do business in. Summary Table for US States Money Transmitter License with Cost Breakdown This is a detailed breakdown of the costs involved in filing for a new application with the State Regulator. ...

What is more cost effective? Owning a License or Sponsoring one? How much do money transmitter licenses cost (nationwide)? Take a guess. Now even if you multiple that number x10, you’re probably still not even close to the actual amount. We asked over a dozen specialists like lawyers, consultants, compliance specialists and industry brokers on how much (in their opinion) does a money transmitter license cost? The condensed results can be seen below. ...

Money Transmitter License for Cryptocurrency The United States has varying rules and regulations for cryptocurrencies. While each state has its own regulatory authority and rules, most have classified cryptocurrency transmission services as money transmitters. FinCEN published interpretive guidance for cryptocurrency service providers. The guidance clarified certain aspects of how crypto businesses are regulated under the same rules as applied to money services businesses in the US. For some bitcoin and crypto business models, it would be mandatory to obtain money transmitter licenses but not for all of them. ...

Money Transmitter License Law Understanding US Money Transmitter Law is no easy feat. There are federal laws like: FinCEN Consumer Financial Protection Bureau (CFPB) Dodd-Frank Act US Department of Treasury Bank Secrecy Act (BSA) Patriot Act FISMA, etc. Add to this, the money transmitter license laws for each state, as rolled out by the financial regulator of each US state and the experience of trying to understand it all, can be defeating. ...

Basic Information about Money Transmitter License In Puerto Rico Any business engaging in the activity of money transmission in Puerto Rico (PR) is required to be licensed. Carrying out money transfer services in Puerto Rico without a money transmitter license is illegal. NMLS authorizes the following activities under this license: Electronic money transmitting Issuing and/or Selling traveler’s checks Issuing and/or Selling money orders Bill paying Issuing and/or selling drafts Issuing and/or Selling Prepaid access/stored value Check cashing Exchange, manage or maintain convertible virtual currency. Operate BTMs. Puerto Rico Money Transmitter License Regulator Money Transmitter License in PR is regulated by the Office of the Commissioner of Financial Institutions. ...

MONEY TRANSMITTER LICENSE REQUIREMENTS The money transmitter license requirements vary from State to State (a list of all the US State Financial Regulators can be found here). The license application itself is not that difficult to pursue. Many applicants file for a money transmitter license for a single state using an attorney / law firm, and for the remainder of the applications, they file it themselves. Once you have familiarized yourself with the money transmitter license requirements, you will observe that they are pretty much the same all across other States with a few differences here and there. ...

Money Transmitter License US Remittance & Payments Solution: The Problem The US Remittance market is one of the largest in the world. 2014 figures show US (outgoing) remittances were US$ 130.851 Billion (Source: World Bank) An interactive view of Remittances around the World, especially the US can be seen here: https://faisalkhan.com/remittances Banks, Money Transfer Operators and Commercial Companies outside the US are not allowed to solicit clients from the US without being registered with FinCEN and having Money Transmitter Licenses for each state in which they do business. ...

Basic Information about Money Transmitter License in Nevada To operate as a money transfer operator in Nevada, you are required to obtain a money transmitter license. According to the Nevada Statute: A person shall not engage in the business of selling or issuing checks or of receiving for transmission or transmitting money or credits unless the person is licensed. Check means any check, draft, money order or other instrument used for the transmission or payment of money. Check does not include a traveler’s check. ...