Compliance

This article will explore the different ways you can obtain a money transmitter license in the US. It is necessary to have such a license in order to legally conduct business as a money transmitter in the country. The following options are available for obtaining a money transmitter license In order of difficult (from lowest to highest): Affiliate Correspondent Correspondent / ISO Authorized Delegate Licensed Banking Agent Affiliate As an affiliate, you don’t hold a license yourself but rather promote the products or services of a licensed company and earn a commission for each sale you generate. You don’t have any legal ownership over the clients you bring in and are not involved in handling their funds. These responsibilities lie with the licensed company, also known as the principal license holder. As an affiliate, you are only responsible for promoting the company’s offerings and bringing in new business. ...

U.S. Virgin Islands Money Transmitter License Guide A money transmitter license is mandatory by law before you can start operating in the Virgins Islands. If you fall under the definition of a money transmitter as stated in the Virgin Islands code, then it is illegal for you to conduct business without a license unless you are an authorized delegate of a licensed money transmitter. If you are not an authorized delegate and want to offer money transmission services, you will have to get your own license. ...

Money Transmitter License in Washington DC - The Basics Whether you’re planning to start your money services business or expand your current money transmission business in Washington DC, you will have to apply for a money transmitter license. According to NMLS, a company is required to acquire this license if they intend to carry out these two business activities: Receive money or its equivalent value (equivalent value includes virtual currency) to transmit, deliver, or instruct to be delivered to another location, inside or outside the United States, by any means including but not limited to by wire, facsimile, or electronic transfer. Sell, issue, or act as an intermediary for open-loop prepaid access and payment instruments. WA Money Transmitter License Regulator The state regulator, Washington State Department of Financial Institutions (DFI) regulates and examines a variety of state-chartered financial institutions. Whereas, money transmitters in Washington are regulated by the Division of Consumer Services. ...

Who Requires a Money Transmitter License in Washingon? Every money transmitter business in Washington has to be licensed. Once you obtain a money transmitter license in Washington, you will be authorized to conduct the following activities: Electronic money transmitting Issuing or selling of traveler’s checks Issuing or selling of money orders Bill paying Issuing and/or selling drafts Transporting Currency Issuing prepaid access/stored value Selling prepaid access/stored value Foreign currency dealing or exchanging Other – money services WA Money Transmitter Regulator The Washington State Department of Financial Institutions (DFI) examines and regulates a variety of financial institutions in the state. However, the money transmitter licensing authority in the capital is the Division of Consumer Services. ...

What is a Money Transmitter License? A Money Transmitter License (MTL) is a regulatory approval required in the United States for any business that engages in the transfer of money, currency exchange, or similar services. Without an MTL, operating a money transfer company or offering money transmission services is considered illegal. Because money transmission falls under both federal and state oversight, businesses must comply with FinCEN (Financial Crimes Enforcement Network) rules under the Bank Secrecy Act (BSA) as well as the requirements of each individual state in which they operate. ...