Now that you know, money transfer business requires a license, so which one will you opt for? There are two easy licensing options: (i) Being an agent of an existing license holder, or (ii) Having an existing license holder be your Program Manager. Learn the difference between the two. Transcription: Hello. My name is Faisal […]
Money transmission is a licensed industry. You simply cannot move money without being licensed. In this video, I will briefly tell you what sort of licensing options you have. Transcription: Hello. My name is Faisal Khan and I’m a banking and payment consultant. Continuing with our how to start a money transfer business YouTube series, […]
Faisal Khan & Company offers the following services. Please read through the relevant material before scheduling a call. Licensing Services related to the provisioning of licenses to operate as a LIFI (Licensed Financial Institution) or work with an existing PLH (Principal License Holder). Includes territories like United States, Canada, UK, European Union, Australia/New Zealand, Various […]
De-risking is a huge issue for MSBs and MTOs. Banks have been closing accounts, left, right and center, ridding themselves of all MSB / MTO related clients. I’ve written extensively on this: Can’t find MSB Friendly Banks? Go ahead, scream. No one is listening. The Sandstorm that is blanketing the operations of money transfer companies.
The sad state of affairs in the pursuit of access to banking for MSBs / MTOs Earlier I wrote an article (The Sandstorm that is blanketing the operations of money transfer companies) on how difficult it was to get access to banking if one were an Money Services Business (MSB) or a Money Transfer Operator […]
What recourse do Bitcoin companies operating in the US have in light of the recent ruling by FinCEN?
On October 27, 2014, the Financial Crimes Enforcement Network (FinCEN) released new guidance for custodial bitcoin exchanges and payment processors, ruling that such companies may be considered money services businesses under US law. The past couple of days have been very hectic. Besides fielding calls from lots of people, everyone is asking the same […]
The US Financial Crimes Enforcement Network (FINCEN) released its opinion on: Request for Administrative Ruling on the Application of FinCEN’s Regulations to a Virtual Currency Payment System yesterday (27th October 2014). The ruling which is an update to an earlier ruling of October 2013, in which only Bitcoin Exchanges were subject to the Money […]