What Is a Money Transmitter License

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. ...