US MTL: Your Four Options At A Glance is a client briefing sheet (FK-B001, Faisal Khan LLC, updated August 2026) built around one framing fact: there is no federal MTL. FinCEN MSB registration is federal compliance, not a licence to operate — money transmission is licensed state by state, and the filing fee is the smallest line item in the real cost.
The sheet lays out four distinct paths into US money transmission, ranked by how much control and cost each one carries, and is candid about which one most clients actually choose: "This is where most of our clients start" is said of the Authorised Agent route, live in 3–8 weeks for a setup cost of $15,000–$50,000 plus capital adequacy of roughly $100,000–$500,000.
What the sheet covers:
- API / White-Label — fastest at 1–4 weeks, lowest cost, but the provider controls limits, pricing and corridors; "a weak foundation for a serious money transmission business"
- Authorised Agent / Delegate — in the flow of funds under a principal's supervision, own brand and customer relationship
- Your Own Licences — 12–24 months nationally, seven-figure cost, maximum control and enterprise value
- Buy a Licensed Company — $1M–$5M+ purchase price, 6–12 months of change-of-control approvals, inherited compliance history "good and bad"
- A side-by-side cost and timeline table across all four options
- The line-item breakdown of where own-licence money actually goes: bonds, net worth, legal, compliance staff, audited financials and banking
The sheet's blunt capital test: US$75,000 in readily available capital is stated as the practical minimum before booking a discovery call, with the note that "the wrong structure can cost you a year." All figures are indicative ranges from real engagements, not legal advice.