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Forty-nine US states (sans Montana [4] [5]) regulate (i.e., require licensure for) money transmitters, although the laws vary from one state to the other. [6] 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 maintain a minimum capital requirement.
A money services business (MSB) is a legal term used by financial regulators to describe businesses that transmit or convert money. The definition was created to encompass more than just banks which normally provide these services to include non-bank financial institutions .
The Nationwide Multi-State Licensing System and Registry (NMLS) (originally the Nationwide Mortgage Licensing System) is the system of record for non-depository, financial services licensing or registration in participating state agencies, including the District of Columbia and U.S. Territories of Puerto Rico, the U.S. Virgin Islands, and Guam.
(Reuters) - Elon Musk's social media platform X, formerly known as Twitter, on Monday received a money-transmitter license from Utah, the 15th U.S. state to grant approval as the company explores ...
JPay is a privately held information technology and financial services provider focused on serving the United States prison system.With headquarters in Miramar, Florida, the company contracts with state, county, and federal prisons and jails to provide technologies and services including money transfer, email, video visitation and parole and probation payments to approximately 1.5 million ...
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In North America, Crypto.com is licensed by Foreign MSB (Money Services Business) registrations with FINTRAC in Canada [55] and FinCEN in the United States for AML compliance. Additionally, the service holds Money Transmitter Licenses across various U.S. states, allowing it to operate as a payment and virtual asset service provider. [56]
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