Western Union is a Money Transfer Business (or Money Service Bureau). They have obtained licenses in almost every practical country to operate as a money transfer business and hence are allowed to handle cash transactions (in/out payments) in all the markets they are operating in. Under their license for each country/state, that is how they allow their agents to operate.
Is Western Union legally classified as a bank, and how do they avoid that designation?
What type of license is required if acting as an intermediary in an FX transaction between two parties?1 ansDo we need to be licensed in any capacity, such as a money transmitter?1 ansIs a money transmitter license required for the operation of closed-loop cards in the United States?1 ansIf you're a billing aggregator and you're simply providing billing information but not handling the payments, are you considered a money services business?1 ans