How can a business identify the legal process required to obtain a money transfer license?

Asked Mar 6, 2016· 1 answer ·Alabama, Americas, Idaho, North America, United States
Faisal KhanAnswered Mar 6, 2016
Within the US for example, this is a straight-forward process. You can do with with the help of an attorney or without, that is entirely up to you. Attorney based knowledge will help.

For each State you wish to do business in, you will need to apply for the Money Transmitter License with the State Regulator.

A complete list of regulators can be found here: Money Services Business (MSBs): US Money Transmitter Licenses

The State regulators are pretty helpful when it comes to helping businesses apply for MTLs. Start with a smaller (read: easier) states like Idaho or Alabama to get acquainted with the process.

You would also need to register with FinCEN.
Money Transmitter Licenses (MTL)Money Services Business (MSB)Money Services Business LicenseUS Licensing AlabamaAmericasIdahoNorth AmericaUnited States
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