Many people wrongly assume that only having one money transmitter license in the United States is good enough. It is not. If you intend you have customers signed up from all over the United States, then you needed licenses, in all the States. However, there is a caveat to this where you may require only […]
Many folks get the very basics confused. The difference between an MSB (Money Services Business) and a MTL (Money Transmitter License). This short video explains the difference. Transcript: Hello. My name is Faisal Khan. I am in banking and a payment consultant. A question someone asked me is what’s the difference between an MSB license […]
Let us start with the very basic question: What is a Money Transmitter License? Transcript: Hello. My name is Faisal Khan. I am a banking and a payment consultant. I have a question in the email today that says ‘What is a money transmitter license and how I get one?’ I’ve done a couple of […]
If you do transactions less than $1000 per day per person, as per FinCEN’s definition, you are NOT an MSB. Is that really the case? If you are below this threshold per person per day, are you NOT a Money Services Business? Really? The FinCEN MSB Definition is provided at: https://www.fincen.gov/money-services-business-definition
Working in the financial services industry mandates that you get licensed by the appropriate financial regulator in your designated territory. Understanding and navigating the confusing labyrinth of licensing can be extremely overwhelming. My goal is to simply this for you and present it to you in plain English. Please do note, all information provided herewith […]
Ever wanted to start a Money Transfer Business in the United States? You may have spent time in learning that in the US you require money transmitter licenses? But how does on get started? Watch this short video to explain how. You can also watch the entire How To Start A Money Transfer Business video […]
How much money does it cost to get all US Money Transmitter Licenses? Here is a short quick video that gives you the answer. Also, here is a complete list of all US State Regulators that issue a money transmitter license. Transcript: Hello my name is Faisal Khan. I am a banking and a payment […]
Most aspiring fintech / startup companies that embed payments into their solutions are always struggling to find regulatory cover as provided by money transmitter licenses. Most don’t know that bank-led sponsorships are also available and they provide a host of services whilst at the same time protecting these startups under their regulatory umbrella. Learn how […]
