United States Money Services Businesses & Money Transmitter License
Welcome to our page on the United States money transmitter license and money services businesses!
As a money services business (MSB), you are required to register with the Financial Crimes Enforcement Network (FinCEN) and obtain a money transmitter license in the United States. This license allows you to legally transmit money or monetary instruments, such as checks, drafts, and wire transfers.
There are a few different options for obtaining a money transmitter license, depending on your specific circumstances. You can apply for a license directly with the state in which you plan to operate, or you can become an agent of an existing license holder. In some cases, it may also be possible to be sponsored for a license by an existing license holder, or to essentially “rent” a license by partnering with a license holder and conducting your money transmission activities under their license.
It is important to note that the requirements for a money transmitter license vary by state, so it is essential to research the specific requirements for the state in which you plan to operate. The application process may include completing a detailed application, providing information about your business and its owners, and passing a background check. You may also be required to post a surety bond or maintain a certain amount of capital as collateral.
As an MSB, you will also be subject to ongoing regulatory requirements, including the obligation to report suspicious activity and maintain thorough records of your transactions. Failure to comply with these requirements can result in significant fines and even criminal charges.
We hope this page has provided you with a helpful overview of the United States money transmitter license and the responsibilities of being an MSB. If you have any additional questions or need assistance with the licensing process, please don’t hesitate to reach out to us.
Summary of US Money Transmitter License
Summary table that provides a comparative analysis of the US Money Transmitter Licensing process and the various options from owning your own license, to being an agent of one to a white-label sponsor.
US Cryptocurrency Regulations
This is a work in progress. For a complete understanding of Cryptocurrency Licensing in the United States. Work on this table has just started and will be completed by end of February 2023.
US Money Transmitter License Cost (Breakdown)
This is a detailed breakdown of the costs involved in filing for a new application with the State Regulator.
Money Transmitter License Application Information (by State):
- Please read this important advisory on the sponsorship / white-label services offered compared to the Authorized Agent model.
- Advisory: Guidance on Domain Naming for Authorized Agents Operating Under US Money Transmitter Licenses in Online Businesses
Money Transmitter License – FAQs
- Do I Need a Money Transmitter License?
- Who Needs a Money Transmitter License?
- What is a Money Transmitter License
- What is the Cost of a Money Transmitter License?
- What Are The Requirements for a Money Transmitter License?
- Money Transmitter License Cost: Own vs. Sponsor?
- Own Money Transmitter Licenses vs Authorized Delegate
- Required Documentation for becoming an Authorized Agent / Delegate
Resources for Money Transmitter Licensing
- Understanding the United States Money Transmitter Licensing
- Money Transmitter License Law
- How to Start a Money Transfer Business – Video Series Playlist
- Money Transmitter License: US Remittance & Payments Solution
- Have You Been Told/Advised You Need a Money Transmitter License?
- Starting an X-Border Service? Need a Money Transfer License?
- US Money Transmitter License Options
- Documents Required for Money Transmitter License
- Applying for a New License (in the United States)
- Correspondent Tie-up Agreements
- FAQs on ISO / Correspondent Relationship
- List of US State Financial Regulators
- Money Transmitter License Cryptocurrency
- List of Transaction Data Points for an MSB Audit
- Money Transmitter License Application Process
- Money Transfer Solutions from the USA to Africa
- Money Services Business & Money Transmitter License
- Access to US Money Transfer Market
This page was last updated on October 14, 2023.