Faisal Khan
Answers by

Faisal Khan

Cross-border payments, banking access, licensing. Thirty-one years inside regulated money movement.

Founder, Faisal Khan LLC·Istanbul, working globally
3,061Questions answered
31+Years in payments
400+Companies served
72+Countries
About

Every answer on askmint is mine. I have spent more than thirty-one years in financial services, almost all of it on one problem: how money legally crosses a border, and what a regulator needs to see before it will.

My career began in technology, not banking. I moved into banking and payments, and then into cross-border payments. That is where I saw how badly companies get caught by the rules across many countries. Not because the rules are impossible, but because the wrong structure was chosen before anyone understood the flow of funds.

Since starting the consultancy in 2010, I have worked with more than four hundred companies across seventy-two countries, from early-stage startups to established financial institutions. The work is helping them obtain licences, secure banking relationships, and build compliance frameworks that hold up under examination.

Today it is mostly licensing strategy, MSB banking access and cross-border payment structures, alongside writing, speaking and the educational sites that sit around the practice. This site is one of them.

Every call I take, I take myself. Twelve thousand of them so far.

Where I work

Licensing and compliance

Money transmitter licences, payment institution registration and compliance programmes across many countries. More than fifty licence applications done.

Banking relationships

Getting and keeping bank accounts for high-risk and regulated businesses. The part most operators underestimate.

Cross-border payments

Payment corridors, settlement design, FX risk and the licensing that sits underneath international money movement.

What I am not
  • A bank, money transmitter or money services business
  • A law firm. Nothing here is legal advice
  • In the flow of funds. I never hold client money

Answers

3,061 answers · newest first
Can the source and destination of a wire transfer be tracked by third parties? Aug 6, 2024 Domestic Payment Rails, National Switches and Clearing Systems Is it possible to transfer funds from Europe to the US without involving banks at all? Apr 2, 2024 Hawala, Informal Value Transfer and Shadow Finance How do you get a Forex trading license in the UK, and what does it involve? Mar 27, 2024 High-Risk Industries How common is it for law enforcement to investigate wire transfer transactions? Mar 2, 2024 Money Laundering and Financial Crime In what ways could cryptocurrencies potentially replace or bypass SWIFT? Mar 2, 2024 International Wire Transfers and Large Transfers Who has the authority to issue fiat currency? Mar 2, 2024 Economics, Inflation and Monetary Policy How many Layers are in a Blockchain? Feb 16, 2024 Blockchain and Distributed Ledger Technology Why is understanding IRS Title 31 Audit crucial for BTM operators? Feb 16, 2024 AML Programs, KYC and Compliance Operations Is it possible to wire money directly between banks in Russia and the United States? Feb 2, 2024 Sanctions, Embargoes and Screening Why does the gas fee in the cryptocurrency world fluctuate while transaction fees in the fiat world remain fixed? Feb 1, 2024 Blockchain and Distributed Ledger Technology Do we need to be licensed in any capacity, such as a money transmitter? Jan 30, 2024 US Money Transmitter Licensing and MSB Registration Is a money transmitter license required for the operation of closed-loop cards in the United States? Jan 29, 2024 US Money Transmitter Licensing and MSB Registration Does the tax authority know exactly how much money individuals hold in bank accounts? Jan 5, 2024 Tax and Financial Reporting Why is Bitcoin priced higher in emerging markets? Jan 5, 2024 Capital Controls, Currency Crises and Black-Market Rates Is a license required to operate crypto-related services in the US? Jan 5, 2024 Crypto and VASP Licensing What are the costs involved in registering as an MSB or money transmitter in the United States? Jan 2, 2024 US Money Transmitter Licensing and MSB Registration What does an anti-money laundering certification typically cost? Jan 2, 2024 Learning and Certifications: Guides, Calculators, Quizzes and Courses How can someone check if their identity has been used in a fraudulent wire transfer? Jan 2, 2024 Fraud and Scams What defines a RaaS (Remittance-as-a-Service) Provider, and how does it differ from a traditional money transfer company? Dec 31, 2023 Money Transfer Business and MTOs Who coined the term Money Transfer-as-a-Service or MTaaS? Dec 31, 2023 Fintech, BaaS and Embedded Finance What is payment clearing? Dec 11, 2023 Payments (General) What is trade finance? Dec 11, 2023 Trade Finance, Letters of Credit and B2B Payments What is factoring? Dec 11, 2023 Trade Finance, Letters of Credit and B2B Payments What is collateralized pre-funding? Dec 11, 2023 Trade Finance, Letters of Credit and B2B Payments What is non-collateralized pre-funding? Dec 11, 2023 Trade Finance, Letters of Credit and B2B Payments If you're a billing aggregator and you're simply providing billing information but not handling the payments, are you considered a money services business? Dec 10, 2023 US Money Transmitter Licensing and MSB Registration How can someone control impulsive spending habits? Dec 5, 2023 Personal and Consumer Finance, Budgeting and Saving What is an Online vs. Offline Transaction? Dec 2, 2023 Payments (General) What happens when the government raises the borrowing rate to curb inflation? Nov 23, 2023 Economics, Inflation and Monetary Policy What is Product-Market fit? Nov 21, 2023 Business Strategy, Case Studies and Lessons Learned What are the state requirements for authorized delegates in terms of managing funds? Nov 18, 2023 Licensing Strategy, Sponsorship and Agent Models Do I need a license for a private USDT transaction in Florida? Nov 14, 2023 US Money Transmitter Licensing and MSB Registration Why don't some US banks offer international wire transfers? Nov 13, 2023 International Wire Transfers and Large Transfers What is Know Your Transaction (KYT)? Nov 4, 2023 AML Programs, KYC and Compliance Operations What is the difference between an Authorized Delegate and an Authorized Agent? Oct 14, 2023 Licensing Strategy, Sponsorship and Agent Models How do you open a wire transfer-enabled bank account? Sep 5, 2023 Opening Bank Accounts, Personal and Business What is the difference between stored value and top-up? Aug 4, 2023 Digital Wallets, Mobile Money and P2P Payments Is it possible for Pakistan to recover looted funds held in European banks? Jun 9, 2023 Money Laundering and Financial Crime How does today’s banking system differ from banking 25 years ago? Jun 9, 2023 History of Money, Banking and Finance Why is pre-funding required in the money transfer world? May 23, 2023 Money Transfer Business and MTOs Is prefunding considered trapped capital? May 23, 2023 Payment Corridors and Remittance Economics What are the implications of the US proposal to report transactions over $600 to the IRS? May 9, 2023 Tax and Financial Reporting Are international financial institutions still necessary today? May 9, 2023 Correspondent Banking, Nostro and Vostro, and Settlement Is a digital wallet legally the same as a bank account? Apr 9, 2023 Digital Wallets, Mobile Money and P2P Payments What lessons has real-world experience revealed about Bitcoin? Apr 9, 2023 Bitcoin and Cryptocurrency Basics What value does Nigeria’s e-Naira bring to the economy? Apr 9, 2023 Stablecoins and CBDCs Why would a country ban private use of cryptocurrencies? Apr 9, 2023 Capital Controls, Currency Crises and Black-Market Rates What would be some red flags for a KYB audit? Mar 31, 2023 AML Programs, KYC and Compliance Operations How is an Exchange-Traded Fund (ETF) and its NAV calculated? Mar 31, 2023 Capital Markets: Stocks, Bonds and Derivatives What is the difference between a Community bank and a Credit Union? Mar 31, 2023 How Banks Work