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Everything You Need To Know About Money Transmitter Licensing
Everything You Need To Know About Money Transmitter Licensing
Published: 2014/05/10
Channel: Around The Coin
Money Transmitter Basics 01
Money Transmitter Basics 01
Published: 2012/06/28
Channel: Adam Atlas
CryptoTaxPrep.com Presents: What
CryptoTaxPrep.com Presents: What's A Money Transmitter?
Published: 2018/02/14
Channel: Happy Tax Franchising
Fintech Podcast - Episode 5 - Money Transmitter License Agent
Fintech Podcast - Episode 5 - Money Transmitter License Agent
Published: 2017/08/23
Channel: Faisal Khan
Bitcoin
Bitcoin's Regulatory Nightmare Is About to Get More Frightening
Published: 2015/05/20
Channel: ReasonTV
Fintech Podcast - Episode 1 – What constitutes as a money transmitter
Fintech Podcast - Episode 1 – What constitutes as a money transmitter
Published: 2017/08/20
Channel: Faisal Khan
Money Transfer Alliance Program
Money Transfer Alliance Program
Published: 2016/02/28
Channel: Faisal Khan
What is MONEY TRANSMITTER? What does MONEY TRANSMITTER mean? MONEY TRANSMITTER meaning
What is MONEY TRANSMITTER? What does MONEY TRANSMITTER mean? MONEY TRANSMITTER meaning
Published: 2018/06/13
Channel: The Audiopedia
Liberty Lobby - Week 3 - Exempting Virtual Currency Users from Money Transmitter Regulations
Liberty Lobby - Week 3 - Exempting Virtual Currency Users from Money Transmitter Regulations
Published: 2017/01/30
Channel: FreeKeene
FINCEN Says Money Transmitter Laws Apply To ICO
FINCEN Says Money Transmitter Laws Apply To ICO's!
Published: 2018/03/07
Channel: Crypto News
Fintech Podcast - Episode 3 - Can a US bank sponsor my Money Transmitter Licenses?
Fintech Podcast - Episode 3 - Can a US bank sponsor my Money Transmitter Licenses?
Published: 2017/08/21
Channel: Faisal Khan
Grandma Needs License to Transmit Money Order? Bitcoin Assets Seized
Grandma Needs License to Transmit Money Order? Bitcoin Assets Seized
Published: 2013/05/18
Channel: traitorsbeware
Startup Pitch: The Remittance Company That Saves You Money
Startup Pitch: The Remittance Company That Saves You Money
Published: 2016/06/27
Channel: CB Insights
Fintech Podcast - Episode 2 – Why do you need a money transmitter license if you are outside the US?
Fintech Podcast - Episode 2 – Why do you need a money transmitter license if you are outside the US?
Published: 2017/08/20
Channel: Faisal Khan
What is a Money Transmitter Surety Bond?
What is a Money Transmitter Surety Bond?
Published: 2013/04/04
Channel: OXBonding
Wyoming
Wyoming's Money Transmitter Act.
Published: 2015/06/17
Channel: Money & Tech
Rep. Ward Addresses SB 1068  Money Transmitters; Fees
Rep. Ward Addresses SB 1068 Money Transmitters; Fees
Published: 2013/05/01
Channel: Michele Van Hessen
IMTC USA 2018 – New licensing protocol for US Money Transmitters - Rick St Onge
IMTC USA 2018 – New licensing protocol for US Money Transmitters - Rick St Onge
Published: 2018/07/09
Channel: IMTC Conferences
Ripple Inc is a Money Transmitter and XRP is a Currency not a Security
Ripple Inc is a Money Transmitter and XRP is a Currency not a Security
Published: 2018/07/05
Channel: Regg Mabry
money transmitter business plan
money transmitter business plan
Published: 2017/04/29
Channel: Юрий Андреев
Fear of a Bitcoin unfriendly New Hampshire money transmitter law makes Poloniex suspend NH accounts
Fear of a Bitcoin unfriendly New Hampshire money transmitter law makes Poloniex suspend NH accounts
Published: 2016/09/26
Channel: BitcoinMeister
Money Transmission ~ Matrix Energetics Session
Money Transmission ~ Matrix Energetics Session
Published: 2017/09/15
Channel: Beyond Limits with Ralph Havens
What Facebook is doing with money transmitter licenses & future uses for Bitcoin.
What Facebook is doing with money transmitter licenses & future uses for Bitcoin.
Published: 2014/04/29
Channel: Around The Coin
Trans-Fast International Money Transmitter
Trans-Fast International Money Transmitter
Published: 2008/09/16
Channel: Trans-Fast London
KCN New bill exempts bitcoin traders from money transmission regulations
KCN New bill exempts bitcoin traders from money transmission regulations
Published: 2017/06/12
Channel: KCN News
FinCEN: Money Transmitter Rules Apply to ICOs
FinCEN: Money Transmitter Rules Apply to ICOs
Published: 2018/03/07
Channel: CoinKorea
Legalities of Tokens: The application of state money transmitter laws
Legalities of Tokens: The application of state money transmitter laws
Published: 2018/04/17
Channel: Blockhous
March 11, 2013 California Assembly Banking and Finance Commitee Money Transmission Act Hearing
March 11, 2013 California Assembly Banking and Finance Commitee Money Transmission Act Hearing
Published: 2013/03/16
Channel: FaceCash
FinCEN Labels ICOs and ICO Token Trading Platforms as Money Transmitters
FinCEN Labels ICOs and ICO Token Trading Platforms as Money Transmitters
Published: 2018/03/10
Channel: All Coin Daily News
Charlie Shrem to Plead Guilty of Unlicensed Money Transmission
Charlie Shrem to Plead Guilty of Unlicensed Money Transmission
Published: 2014/09/01
Channel: Bitsonline
Hawaii Money Transmitter Renewal Instructions for 2014
Hawaii Money Transmitter Renewal Instructions for 2014
Published: 2013/11/02
Channel: DCCAHawaii
Discover new reduced fees to send money to Jamaica (does not apply to Florida)
Discover new reduced fees to send money to Jamaica (does not apply to Florida)
Published: 2018/07/16
Channel: Western Union
Rep. Bob Mcdermott Addresses  SB1068 - Money Transmitters; Fees
Rep. Bob Mcdermott Addresses SB1068 - Money Transmitters; Fees
Published: 2013/03/15
Channel: Michele Van Hessen
Hawaii Money Transmitter Instructions for 2015 Renewal
Hawaii Money Transmitter Instructions for 2015 Renewal
Published: 2014/10/29
Channel: DCCAHawaii
Rep. Gene Ward Addresses SB1068 -Money Transmitters; Fees
Rep. Gene Ward Addresses SB1068 -Money Transmitters; Fees
Published: 2013/03/15
Channel: Michele Van Hessen
Hawaii Money Transmitters Renewal 2015
Hawaii Money Transmitters Renewal 2015
Published: 2015/11/06
Channel: DCCAHawaii
International Money Transmitters Convention Parte 1
International Money Transmitters Convention Parte 1
Published: 2011/02/10
Channel: THCG123
FinCEN: Money Transmitter Rules Apply to ICOs
FinCEN: Money Transmitter Rules Apply to ICOs
Published: 2018/03/13
Channel: Coin News
FinCEN: Money Transmitter Rules Apply to ICOs
FinCEN: Money Transmitter Rules Apply to ICOs
Published: 2018/03/11
Channel: Hot News
Reps. McDermott and Fale address SB1068 - Money Transmitters; Fees
Reps. McDermott and Fale address SB1068 - Money Transmitters; Fees
Published: 2013/05/01
Channel: Michele Van Hessen
Hawaiian Bills Would Capture Crypto Under Money Transmission Law
Hawaiian Bills Would Capture Crypto Under Money Transmission Law
Published: 2018/01/31
Channel: CoinKorea
Pakistani money transmitters ask Nawaz Sharif to help stop decrease in remittances
Pakistani money transmitters ask Nawaz Sharif to help stop decrease in remittances
Published: 2014/01/15
Channel: Murtaza Ali Shah
International Money Transmitters Convention Parte 3
International Money Transmitters Convention Parte 3
Published: 2011/02/12
Channel: THCG123
International Money Transmitters Convention Parte 2
International Money Transmitters Convention Parte 2
Published: 2011/02/10
Channel: THCG123
International Money Transmitters Convention Parte 4
International Money Transmitters Convention Parte 4
Published: 2011/02/18
Channel: THCG123
Hawaiian Bills Would Capture Crypto under Money Transmission Law
Hawaiian Bills Would Capture Crypto under Money Transmission Law
Published: 2018/01/31
Channel: Crypto Mentor99
British Pakistani money transmitters seek help of Pakistan govt
British Pakistani money transmitters seek help of Pakistan govt
Published: 2013/08/06
Channel: Murtaza Ali Shah
12 Questions for Money Transfer Exhcange Companies
12 Questions for Money Transfer Exhcange Companies
Published: 2016/03/08
Channel: Faisal Khan
Rep. Richard Fale Addresses SB 1068 - Money Transmitters; Fees
Rep. Richard Fale Addresses SB 1068 - Money Transmitters; Fees
Published: 2013/03/15
Channel: Michele Van Hessen
TorFX Review - Fee Free International Money Transfers
TorFX Review - Fee Free International Money Transfers
Published: 2015/10/29
Channel: International Money Transfers
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WIKIPEDIA ARTICLE

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In the legal code of the United States, a money transmitter or money transfer service is a business entity that provides money transfer services or payment instruments.[1] Money Transmitters in the US are part of a larger group of entities called money service businesses or MSBs.[2] Under federal law, 18 USC § 1960, businesses are required to register for a Money Transmitter license where their activity falls within the state definition of a money transmitter.[3]

Regulation[edit]

Forty-nine US states (sans Montana) regulate money transmitters although the laws vary from one state to the other.[4] Most of the states require a money transmitter surety bond with widely ranging amounts from as little as $25,000 to over $1 million and maintaining a minimum capital requirement. There is an association of state regulators, the Money Transfer Regulators Association (MTRA)[5] that seeks to create uniformity and common practices and efficient and effective regulation of money transmission industry in the United States of America. The MTRA membership consists of state regulatory authorities in charge of regulating money transmitters and sellers of traveler’s checks, money orders, drafts and other money instruments.

The money transmitters themselves have a separate association, the National Money Transmitters Association (NMTA)[6] to have a voice in shaping and developing this industry. A related international association, the International Money Transfer Conferences (IMTC),[7] brings together the money transfer industry once a year for the IMTC Miami conference. In 2012 the IMTC brought together close to 400 participants, 67% from the US.[8]

The Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department requires MSBs to register.[9] It is also a felony to engage in money transmission without a license in any state that requires a license to operate.[10] Internet and mobile-based payment services are also required to seek a state money transmitter license to offer services to individuals residing in the state.

FINCEN has also ruled that Informal Value Transfer Systems (IVTS) are considered money transmitters for the purposes of registration and licensing.[11] FINCEN defines an IVTS as "any system, mechanism, or network of people that receives money for the purpose of making the funds or an equivalent value payable to a third party in another geographic location, whether or not in the same form". These are known as Hawala in the Middle East, Afghanistan and Pakistan, as "hundi" in India and '"fei ch’ien" in China.

In regulations enacted in 2012 under the Dodd-Frank Act the Consumer Financial Protection Bureau (CFPB)[12] extended its regulation under a "Remittance Rule" that added some additional protection for US consumers who send money electronically to foreign countries.[13] The rule targets any remittance institution defined as consumer-to-consumer transfers of low monetary value, made via money transmitters, banks or credit unions, through wire transfers or Automated Clearing House (ACH) transactions, to businesses as well as to individuals in foreign countries.

See also[edit]

References[edit]

  1. ^ "Illinois Compiled Statutes -FINANCIAL REGULATION Transmitters of Money Act". January 1, 1995. 
  2. ^ "FinCEN - Am I an MSB". Retrieved June 3, 2013. 
  3. ^ "18 UCS § 1960". Retrieved May 20, 2014. 
  4. ^ Atlas, Adam (2010-01-28). "Money Transmitter Licensing". Moneytransmitterlicense.blogspot.com. Retrieved 2013-06-03. 
  5. ^ "MTRA – Money Transmitter Regulators Association;". Mtraweb.org. 2012-10-23. Retrieved 2013-06-03. 
  6. ^ "NMTA - The National Money Transmitters Association". Nmta.us. Retrieved 2013-06-03. 
  7. ^ "International Money Transmitters Conference IMTC". Imtconferences.com. Retrieved 2013-06-03. 
  8. ^ "IMTC Miami 2012 statistics". Imtconferences.com. Retrieved 2013-06-03. 
  9. ^ "Money Services Business (MSB) Registration". FinCEN. Retrieved 2013-06-03. 
  10. ^ Andrew Schout (2008). "Unlicensed Money Transmitting Businesses and Mens Rea under the USA PATRIOT Act" (PDF). 39. McGeorge Law Review. Retrieved 2013-06-03. 
  11. ^ "FinCEN Advisory - Informal Value Transfer Systems (IVTS)" (PDF). March 2003. Archived from the original (PDF) on 2014-06-30. 
  12. ^ "CFPB > Consumer Financial Protection Bureau". Consumerfinance.gov. Retrieved 2013-06-03. 
  13. ^ "Remittance transfer rule (amendment to Regulation E)". Consumer Financial Protection Bureau. Retrieved 2013-06-03. 

External links[edit]

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