A common thread is that all companies and individuals who transmit money via wire, fax, electronic transfer, or payment instrument are considered money transmitters and need a MSB license.
A money service business (MSB) is an individual or organization that conducts business as: • A currency dealer or exchanger • A check casher • An issuer or seller of traveler´s checks, money orders, or other stored value.
Any MSB that transmits money inside the US or abroad, on behalf of another person or people is a Money Transmitter. If your business is paid to transfer money or monetary value and exceeds $1,000 in transfers on the same day and the transactions fall into the following categories: • Check Cashing • Currency Dealing or Exchange • Money Transfer Services for (any amount) • Traveler´s Checks • Money Orders.
Money transmission operations are highly regulated on both state and federal levels. Money transmitters need both federal and state licenses.
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