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
How much do bank exchange rates deviate from mid-market rates like those shown on XE.com? Jun 9, 2015 FX Rates, Spreads and Currency Markets If I run an online service connecting the U.S. with Africa, do I need a separate money-transmitter license in each U.S. state? Jun 8, 2015 US Money Transmitter Licensing and MSB Registration What payment gateway is recommended for a mobile e-commerce app based in Dubai? Jun 8, 2015 Merchant Accounts, Processors and Gateways What tracking occurs when sending money through Western Union or MoneyGram? Jun 8, 2015 Sending and Receiving Money Abroad International Trade: What fraud risks should buyers watch for in letter-of-credit payments for imports from China? Jun 8, 2015 Trade Finance, Letters of Credit and B2B Payments If I want to authorize a card for payment but only charge after the service is delivered, is “tokenization” the correct term for this process? Jun 7, 2015 Payments (General) How might Ripple’s payments network impact PayPal and Stripe? Jun 7, 2015 Business Strategy, Case Studies and Lessons Learned Which Pakistani banks provide free interbank fund transfers through online banking? Jun 7, 2015 Domestic Payment Rails, National Switches and Clearing Systems How can banks better protect customers from identity-theft fraudsters? Jun 6, 2015 Fraud and Scams What legal and regulatory challenges have payments, credit, and funding startups encountered or expect to face? Jun 6, 2015 AML Programs, KYC and Compliance Operations What are the biggest threats facing the ACH (automated clearing house) system, and why? Jun 5, 2015 Domestic Payment Rails, National Switches and Clearing Systems Can Visa prepaid cards be used for online purchases? Jun 5, 2015 Credit, Debit and Prepaid Cards Which notable startups were founded and are run by women? Jun 5, 2015 General Finance Questions How do I compute value-added tax (VAT) for a transaction? Jun 5, 2015 Tax and Financial Reporting What benefits does a Visa prepaid card offer compared with a standard gift card? Jun 5, 2015 Credit, Debit and Prepaid Cards What solutions or tips can help small businesses avoid high credit-card processing fees? Jun 5, 2015 Merchant Accounts, Processors and Gateways What makes an ACH account number unique in the United States? Jun 5, 2015 Domestic Payment Rails, National Switches and Clearing Systems Legal (U.S.): After the Liberty Reserve arrests, how did their violations differ from the accusations made against HSBC? Jun 5, 2015 Regulators, Enforcement and Regulatory Change What is the intended purpose or benefit of establishing a women’s bank in India? Jun 5, 2015 Emerging Markets and Financial Inclusion Why is a one-time password (OTP) required for nearly all banking activities in India? Jun 5, 2015 Cybersecurity, Digital Identity and Authentication Are Visa and Mastercard owned by the same company? Jun 5, 2015 Card Networks and Card Issuing What fee does ACH (the automated clearing house) typically charge per transaction? Jun 4, 2015 Payment Operations, Pricing and Fees What changes could make developing countries more friendly to startups, and why are they currently less so? Jun 4, 2015 Starting and Running a Fintech or Payments Business How hard would it be to create an online-only card network like Visa or MasterCard focused just on internet payments? Jun 4, 2015 Card Networks and Card Issuing Is the rising mobile-banking model led by mobile network operators a real threat to traditional banks? Jun 4, 2015 Emerging Markets and Financial Inclusion Which POS terminal is currently the most advanced on the market? Jun 4, 2015 Merchant Accounts, Processors and Gateways Where can I find legal consultancy specializing in money transfer businesses? Jun 4, 2015 Law, Contracts, Terms of Service and Legal Structures Does Stripe support ACH bank payments in addition to card transactions? Jun 3, 2015 Domestic Payment Rails, National Switches and Clearing Systems How are payments drawn from a checking account authorized and approved? Jun 3, 2015 Domestic Payment Rails, National Switches and Clearing Systems Could e-commerce operate without online payments, and if so, what alternatives would be used? Jun 3, 2015 E-Commerce, Marketplace and Platform Payments Could using Bitcoin in a money exchange business lead to arrest? Jun 3, 2015 Crypto and VASP Licensing How can a physical calling card business expand into the money transfer industry? Jun 3, 2015 Money Transfer Business and MTOs What are the realistic chances of a startup becoming the next PayPal? Jun 3, 2015 Starting and Running a Fintech or Payments Business What does a time-and-motion flow-of-funds diagram look like for a money transfer company? Jun 3, 2015 Money Transfer Business and MTOs Can a personal bank account be converted into a business account? Jun 3, 2015 Opening Bank Accounts, Personal and Business Which website builder platforms accept Bitcoin as payment? Jun 2, 2015 Crypto Payments, On-Ramps and Off-Ramps When are Facebook mobile payments expected to launch in Europe? Jun 2, 2015 Digital Wallets, Mobile Money and P2P Payments Are there banks or accounts where account balances can be viewed publicly? Jun 2, 2015 How Banks Work From a beginner’s perspective, how does arbitrage between different Bitcoin exchanges work? Jun 1, 2015 Crypto Exchanges, Trading and Markets What is the best way to carry money when traveling to the United States? Jun 1, 2015 Payments (General) Is the use of signatures for payment authentication becoming obsolete? Jun 1, 2015 Cybersecurity, Digital Identity and Authentication What is likely to be the next major cryptocurrency? May 12, 2015 Crypto Exchanges, Trading and Markets How are very large sums held and moved within the United States? May 12, 2015 Domestic Payment Rails, National Switches and Clearing Systems How can banking machines be designed to better capture and hold customer attention? May 12, 2015 Business Strategy, Case Studies and Lessons Learned Should Bitcoin transactions be fully untraceable? May 12, 2015 Regulators, Enforcement and Regulatory Change Would an account-to-account transfer for online payments be classified as an e-money transaction? May 12, 2015 UK and EU Licensing, EMIs and Payment Institutions Why do money transfers take 3–5 business days—what manual or human processes are involved? May 12, 2015 International Wire Transfers and Large Transfers How do ATM CCTV systems identify customers in places where women wear burqas that cover their faces? May 12, 2015 Cybersecurity, Digital Identity and Authentication If I’m optimistic about digital currencies, is it better to mine coins or simply buy them? May 11, 2015 Bitcoin and Cryptocurrency Basics What are some notable companies building products or services around Bitcoin? May 11, 2015 Crypto Payments, On-Ramps and Off-Ramps