I did a presentation on this long ago (The original presentation can be downloaded from here: Uberization of Money Transfer: 12 Questions every small and medium, independent money transfer operator should ask themselves). For months I’ve been thinking of doing an updated version of the presentation into an article, so here it is. It is […]
Money Transmitter License – How to Get Licensed to Operate? If you are on this page, chances are you are unable to get a money transmitter license for your business. In the US, being licensed in all the states is quite a feat that has only been achieved by the biggest money transfer businesses. For […]
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. Transcript: Hello. My name […]
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 […]
