Understanding the Updated FAQs on Beneficial Ownership Information by FinCEN In a significant move to enhance clarity and compliance, the Financial Crimes Enforcement Network (FinCEN) has recently revised its Frequently Asked Questions (FAQs) regarding Beneficial Ownership Information. This update is…
A Money Transmitter License is typically required for businesses that engage in the following activities: Essentially, if a business is involved in moving money or monetary value on behalf of others, it likely needs a Money Transmitter License. The specific…
Title: Navigating FX Rates: The Realistic Approach to Competing with Wise Introduction In the dynamic world of foreign exchange (FX), businesses and individuals alike are constantly seeking competitive rates to maximize their financial efficiency. A frequently asked question in this…
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tl;dr: Buy foreign exchange from within Nigeria by paying for it in Naira and have access to the US Dollars / Euros / other currencies outside of Nigeria to be traded/transferred as and when one desires. Nigeria is a new…
The answer is no. When we look at making a consulate or an embassy, as a money-transfer agent location, you have to understand that the consulate or the embassy itself is not US Territory (assuming this question was being asked…
You may be exempt from money transmitter licenses only in the state of Montana. Because you have an exemption in the state of Montana, does not mean that you can offer your financial services nationwide. The exemption is only valid…
No. In certain US states like New York, for example, a BitLicense is required to trade in Cryptocurrency related services. In addition to the NY Money Transmitter License, you would require an NYDFS issued BitLicense to operate within the crypto…
This is widely debated. The short answer is that they can provide limited money transmitter license coverage, for their own products/services and that too in a limited number of US states that recognize the charter of the Trust company in…
Crypto-as-a-service or cryptocurrency-as-a-service (CaaS) has not yet fully been defined. It can literally mean any sort of Software or Platform as a service related to the crypto world. In the broader sense, Crypto-as-a-Service is the ability to launch a crypto-related…