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Category Microblog
Financial Crimes Enforcement Network (FinCEN)
Financial Crimes Enforcement Network (FinCEN) is a bureau of the US Department of the Treasury that collects and analyzes financial transaction data in order to combat money laundering, terrorist financing, and other financial crimes. FinCEN works closely with law enforcement…
Money Services Business License
A money services business (MSB) license is a type of license issued to businesses that engage in money transmission or other financial services, such as currency exchange or check cashing. This license is issued by state regulatory agencies, such as…
What is the largest opportunity in Nigeria right now for money transfer?
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…
Can a money transfer agent location be opened in a consulate or an embassy?
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…
Montana does not require a money transmitter license, if I register a company there, am I exempt from money transmitter licenses?
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…
Is a money transmitter license adequate for launching crypto-related services in the US?
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…
Do Trust companies provide money transmitter license coverage?
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…
What is cryptocurrency-as-a-service?
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…
What is the difference between an agent and non-agent of an EMI in Europe/UK?
There are a couple of differences between an agent and a non-agent in the European EMI licensing regime. A non-agent for starters is commonly referred to as an operator-led model. Where the operator of the license is handling all the…