A “No Action Letter” in the context of money services businesses in the United States is a form of written assurance provided by a regulatory authority, such as the Financial Crimes Enforcement Network (FinCEN). This letter essentially communicates that the…
A financial regulator is a government or independent agency responsible for overseeing the financial services industry in a particular jurisdiction. Their main objective is to ensure the stability, transparency, and integrity of financial markets and protect consumers of financial products…
In the United States, there is no specific license designated specifically for electronic money institutions (EMIs), unlike the licensing system in place in the UK or European Union. Instead, the US has Money Services Businesses (MSBs) which must obtain a…