What are the state requirements for authorized delegates in terms of managing funds?

Is it obligatory to send funds through a Payment Service Provider (PSP), or is it permissible to use our own bank account?

It’s important to clarify that we do not deal with Payment Service Providers (PSPs), but rather with Money Services Businesses (MSBs) in the United States that possess the necessary Money Transmitter Licenses. Regarding your question from an MSB standpoint, as an Authorized Agent, you are required to have a Bank Account. However, all funds from your Bank Account must be processed through the Bank Account of the Principal License Holder (PLH), under whom you are an authorized agent.

This page was last updated on November 18, 2023.

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