If you are engaged in any of the following activities, you are essentially classified as a money services business and as such, you need to be licensed as a money transmitter in each respective state that you are doing business:
Wisconsin Money Transmitter License Overview Wisconsin Money Transmitter License License The Wisconsin Department of Financial Institutions issues a license referred to as Seller of Checks License. This license is required for companies that engage in business as a seller of checks.…
Louisiana Money Transmitter License Overview Who Controls the Louisiana Money Transmitters License? The Louisiana Office of Financial Institutions issues a Sale of Checks and Money Transmitters License to any person who engages in the business of money transmission or selling…
Kentucky Money Transmitter License Overview Who Controls the Kentucky Money Transmitter License? The Kentucky Department of Financial Institutions issues a Money Transmitter License to any entity engaging in the business of receiving money or monetary value to transmit, deliver, or…
Kansas Money Transmitter License Overview Who Controls the Kansas Money Transmitter License? The Kansas Office of the State Bank Commissioner issues a Money Transmitter License to any entity that engages in the business of selling, issuing, or delivering its payment…
In the wake of Brexit, one cannot simply passport an EU license to the United Kingdom and vice versa. Any payment institution that wishes to operate in the UK has to apply for a UK-specific API (Authorized Payment Institution) or…
What is a Small Payment Institution License in the UK and Who Issues it? A small payment institution (SPI) license in the United Kingdom is a type of license that allows a company to carry out limited payment services within…
What is an SPI?A Small Payment Institution (SPI) license in the UK is issued to institutions who have meet the requirements laid out by the FCA. The main criterion according to which the company can obtain the SPI license as…
Why Is It Necessary to Have a Correspondent Tie-up Agreement with a Licensed Entity? A point often overlooked by those venturing into the cross-border money transfer business is that even though they may have managed to secure license coverage in…
In an operator-led model in the financial services industry, there are two primary entities involved: the Operator and the Solution Provider. The Operator is a licensed holder that holds the necessary regulatory licenses and is authorized to conduct financial services…