Presently, the US federal government, forty-seven states and the District of Columbia all require licenses for money transmitter businesses. Financial Crime Enforcement Network (FinCen) is charged with overseeing money transmission activities and as a result, all money transmitters must register with FinCen. A business must register with FinCen if it conducts more than $1,000 in business with one person in one or more transactions on the same day in one or more of the following services:
There is no uniform definition of Money Transmission in all states. Depending on the state you are interested in, the definition may vary and the requirements you must meet will vary as well. While the definition of money transmission is not uniform in all states, what is clear is that all organizations interested in conducting money transmission business must register with respective states according to their requirements.
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