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 a money-transfer startup partner with a bank, and how does that typically work? May 10, 2015 Money Transfer Business and MTOs I’m launching a business but I can’t handle payouts, fraud, chargebacks, AML compliance, PCI compliance, and buyer/seller disputes—are there payment platforms that take on these burdens? May 10, 2015 Merchant Accounts, Processors and Gateways Why do people choose to fund projects on Kickstarter? May 10, 2015 Alternative Finance and Crowdfunding Are today’s mobile POS solutions sustainable long term, and what do they imply for banks? May 9, 2015 Merchant Accounts, Processors and Gateways What are the latest U.S. and global statistics for consumer-to-consumer wire transfers? May 9, 2015 Payment Corridors and Remittance Economics Would an ISIS-issued currency be accepted globally? May 9, 2015 Geopolitics of Money and the International Monetary System Is Payoneer licensed as a money transmitter in every U.S. state? May 9, 2015 US Money Transmitter Licensing and MSB Registration Could Pakistan follow Bangladesh’s approach and declare Bitcoin trading illegal? May 9, 2015 Crypto and VASP Licensing Why don’t banks and card processors let users restrict account access by IP location or country for extra security? May 8, 2015 Card Networks and Card Issuing Do U.S. companies use web-based electronic checks, and which payment gateways support them? May 7, 2015 Merchant Accounts, Processors and Gateways Why do only certain websites require an extra 3-D Secure authentication step during online payments? May 7, 2015 Cybersecurity, Digital Identity and Authentication Who are the top five global payments companies? May 7, 2015 Payments (General) Which banks and account types currently offer the highest interest rates? May 7, 2015 Personal and Consumer Finance, Budgeting and Saving Banking: How often do foreign workers in the U.S. lose a large share of their earnings due to banking and transfer fees? May 7, 2015 Sending and Receiving Money Abroad What would be a strong research-paper topic related to money or financial problems? May 6, 2015 General Finance Questions What would you consider the ideal payment method at a retail checkout that could replace cash? May 5, 2015 Payments (General) If a bank quietly added one cent to every customer’s account balance, what would happen? May 5, 2015 Banking and Payments Technology Stack How difficult is it to obtain a money transmitter license? May 5, 2015 US Money Transmitter Licensing and MSB Registration What exactly is a chargeback in payments? May 5, 2015 Credit, Debit and Prepaid Cards What are some successful mobile payment solutions, and what factors contributed to their success? May 5, 2015 Emerging Markets and Financial Inclusion What are some examples of Bitcoin exchanges? May 5, 2015 Crypto Exchanges, Trading and Markets Which U.S. states contribute the least federal tax revenue? May 5, 2015 Tax and Financial Reporting Can Visa debit cards with a Pakistani billing address be used for online shopping? May 5, 2015 Credit, Debit and Prepaid Cards How can money laundering involving as much as $6 billion occur? May 5, 2015 Money Laundering and Financial Crime Payment Processing: What technologies and systems power gift cards? May 4, 2015 Banking and Payments Technology Stack How does Quicken retrieve information from my bank about my loans and account balances? May 4, 2015 Open Banking and Account Aggregation Is Mint.com secure to use, and why or why not? May 4, 2015 Cybersecurity, Digital Identity and Authentication How did the U.S. and other countries negotiate taking Iranian banks off the SWIFT network? May 4, 2015 Sanctions, Embargoes and Screening Why did Citibank Pakistan discontinue ecommerce gateway services, and what systemic issues make banks reluctant to offer them? May 3, 2015 Merchant Accounts, Processors and Gateways Why do Pakistani banks currently avoid offering merchant accounts for ecommerce businesses? May 3, 2015 Merchant Accounts, Processors and Gateways What’s the best way to move money between two bank accounts using cryptocurrency as an intermediate token, ideally at near-zero cost? May 3, 2015 Crypto Payments, On-Ramps and Off-Ramps Is there any way to create a PayPal account from Pakistan? May 3, 2015 Digital Wallets, Mobile Money and P2P Payments What are the requirements for becoming a Western Union agent? May 3, 2015 Money Transfer Business and MTOs Who are the top remittance aggregators, and how do they generate revenue? May 3, 2015 Money Transfer Business and MTOs Can a digital currency be backed by or integrated with a commodity like gold? May 3, 2015 Stablecoins and CBDCs What opportunities and growth potential does Bitcoin have in Asia? May 2, 2015 Crypto Payments, On-Ramps and Off-Ramps What are some interesting or notable facts about the creator “Satoshi Nakamoto”? May 2, 2015 Bitcoin and Cryptocurrency Basics Are prepaid debit cards a good way to avoid reliance on traditional banks? May 2, 2015 Credit, Debit and Prepaid Cards Why would a consumer prefer to pay with Bitcoin instead of credit cards, debit cards, or PayPal? May 2, 2015 Crypto Payments, On-Ramps and Off-Ramps What key innovations are needed for cryptocurrencies to reach mainstream adoption? May 2, 2015 Crypto Payments, On-Ramps and Off-Ramps Is there a historical or current example of a country recognizing two currencies as legal tender at the same time? May 2, 2015 History of Money, Banking and Finance What fees do banks pay to connect to ATM networks or per ATM transaction? May 1, 2015 Payment Operations, Pricing and Fees Which aspects of Bitcoin appeal most to everyday, non-technical users? May 1, 2015 Bitcoin and Cryptocurrency Basics Who is best positioned to disrupt the money-transfer market using Bitcoin? May 1, 2015 Money Transfer Business and MTOs Online Banking: What’s a good way to programmatically create virtual savings “buckets” for users? May 1, 2015 Fintech, BaaS and Embedded Finance In which U.S. state is it easiest to obtain a state banking license? May 1, 2015 Licensing Strategy, Sponsorship and Agent Models Online Banking: What does the future of internet-based finance look like? Apr 12, 2015 Digital Banks, Neobanks and Mobile Banking Does FATCA apply to people with dual citizenship? Apr 12, 2015 Tax and Financial Reporting What makes Bitcoin attractive or special compared with traditional options? Apr 11, 2015 Bitcoin and Cryptocurrency Basics How does International ACH function? Apr 11, 2015 Correspondent Banking, Nostro and Vostro, and Settlement