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
Where can I find the ISO 8583 message specifications for each card network such as Visa, Mastercard, and STAR? Jan 4, 2015 Banking and Payments Technology Stack Do I need FCA registration to issue or distribute prepaid cards? Jan 4, 2015 UK and EU Licensing, EMIs and Payment Institutions How can I obtain prepaid cards for distribution? Jan 4, 2015 Credit, Debit and Prepaid Cards Can I handle printing of white-label payment cards for my business? Jan 4, 2015 Card Networks and Card Issuing How does the distribution process for prepaid cards work? Jan 4, 2015 Credit, Debit and Prepaid Cards Is gold a dependable store of value for holding wealth? Jan 3, 2015 Economics, Inflation and Monetary Policy What are the similarities and differences between hawala transfers and currency swaps? Jan 3, 2015 Hawala, Informal Value Transfer and Shadow Finance In banking, what is a “gray screen transaction”? Jan 3, 2015 Correspondent Banking, Nostro and Vostro, and Settlement Immigrants & Remittances: Why do people keep sending money back “home” for decades? Jan 3, 2015 General Finance Questions For Dubai-based e-commerce in the Middle East, which payment gateway would you recommend? Jan 3, 2015 Merchant Accounts, Processors and Gateways Is there a card.io-style scanning tool for checks? Jan 3, 2015 Developer Tools, APIs, Sandboxes and Open Source What is the least expensive jurisdiction for setting up a commercial bank? Jan 3, 2015 Licensing Strategy, Sponsorship and Agent Models Why do startups struggle to obtain merchant accounts? Jan 2, 2015 Merchant Accounts, Processors and Gateways What are the pros and cons of working with U.S. financial regulators? Jan 2, 2015 Regulators, Enforcement and Regulatory Change Does Linden Lab need a money-transmitter license for the Linden Dollar economy inside Second Life? Jan 2, 2015 US Money Transmitter Licensing and MSB Registration What might a future “converged” ecosystem of multiple mobile financial services operators look like? Jan 2, 2015 Banking and Payments Technology Stack Why aren’t banks run as franchised businesses? Jan 1, 2015 How Banks Work What are the five most commonly used money transfer services aside from PayPal? Jan 1, 2015 Sending and Receiving Money Abroad Is it risky to share my account and routing numbers with an employer? Jan 1, 2015 Domestic Payment Rails, National Switches and Clearing Systems My brother wants private banking services — which UAE bank should he contact? Jan 1, 2015 Wealth Management, Private Banking and Family Offices What real-world problems does Bitcoin solve that existing financial systems cannot solve as effectively? Jan 1, 2015 Bitcoin and Cryptocurrency Basics How did firms like Simple and PayPal initially gain trust as places for customers to store their money? Jan 1, 2015 Sponsor Banks, FBO Accounts and Banking Access for Fintechs and MSBs If I operate a platform connecting buyers and sellers, can I earn revenue from the credit-card transactions between them? Jan 1, 2015 E-Commerce, Marketplace and Platform Payments In the U.S., what regulations apply to businesses that handle, hold, and transfer customer money? Jan 1, 2015 US Money Transmitter Licensing and MSB Registration Is there a service that works like a virtual wallet where users can deposit and withdraw funds? Jan 1, 2015 Digital Wallets, Mobile Money and P2P Payments What are the strongest arguments for Satoshi Nakamoto to stay anonymous or to reveal their identity? Dec 12, 2014 Bitcoin and Cryptocurrency Basics Could Bitcoin be shut down like Liberty Reserve because of unethical or illegal use? Dec 12, 2014 Regulators, Enforcement and Regulatory Change Which companies manufacture banknote recyclers used in cash-accepting ATMs? Dec 12, 2014 Banking and Payments Technology Stack On our homepage, we tried to clearly communicate the mission of our payment service—how well did we do? Dec 12, 2014 Payments (General) Who are Bitcoin’s main competitors among digital currencies? Dec 11, 2014 Bitcoin and Cryptocurrency Basics What risks could I face if I open a U.S. bank account on behalf of my aunt and uncle? Dec 11, 2014 Law, Contracts, Terms of Service and Legal Structures How would someone set up an insurance agency like Prudential or AIA today? Dec 11, 2014 Insurance and Risk Management Is Bitcoin essentially a new gambling system presenting itself as a payment method? Dec 11, 2014 Bitcoin and Cryptocurrency Basics With the newer RBI guidelines, which major players could realistically pursue setting up a bank? Dec 10, 2014 Regulators, Enforcement and Regulatory Change How do KYC requirements differ for an MSB versus a bank? Dec 9, 2014 AML Programs, KYC and Compliance Operations Which major tech companies hold MSB licenses, and what do they use them for? Dec 9, 2014 US Money Transmitter Licensing and MSB Registration Where can you get a debit card online without maintaining a bank account? Dec 9, 2014 Credit, Debit and Prepaid Cards How do P2P transfer apps like Square, Venmo, and PayPal work—do they use their own merchant accounts, and can they initiate ACH transfers between accounts on users’ behalf? Dec 8, 2014 Digital Wallets, Mobile Money and P2P Payments How do platforms like E*TRADE connect to multiple stock exchanges? Dec 8, 2014 Capital Markets: Stocks, Bonds and Derivatives What could happen to Bitcoin if Satoshi Nakamoto’s identity were discovered? Dec 8, 2014 Bitcoin and Cryptocurrency Basics What is the most important thing U.S. tourists should keep in mind when traveling internationally? Dec 8, 2014 Payments (General) What are the main barriers for Skype to enter the remittance market? Dec 8, 2014 Business Strategy, Case Studies and Lessons Learned How does a payment system like PayPal function end to end? Dec 8, 2014 Digital Wallets, Mobile Money and P2P Payments How would U.S. casinos operate if the U.S. became a cashless society? Dec 8, 2014 High-Risk Industries Will financial regulation end up weakening global economic stability? Dec 8, 2014 Regulators, Enforcement and Regulatory Change Is it normal for USD transfers within the EU to take around four days? Dec 8, 2014 Sending and Receiving Money Abroad Who is the current commissioner of the Georgia Department of Economic Development? Dec 7, 2014 General Finance Questions How could Bitcoin-style technology power a global fast peer-to-peer payments system with minimal fees without becoming its own currency? Dec 6, 2014 Blockchain and Distributed Ledger Technology If bill-pay transactions cost banks money, why do some accounts waive monthly fees only when a minimum number of transactions are completed? Dec 6, 2014 How Banks Work Foreign Exchange: Why does CurrencyCloud maintain such a large network of global banking partners? Dec 6, 2014 Correspondent Banking, Nostro and Vostro, and Settlement