As I don’t deal in the license, license applications, and related legal opinions directly, you may connect with my colleagues, as listed below. You can provide them with my name as a reference. These are folks whom I recommend but have no commercial dealings or affiliation with. For US Licensing/Payments Law:Eric I. GoldbergPartner, Consumer Financial […]
Most likely not possible. The transmission of money, is a licensed business. Hence, anyone participating in this transmission of money has to identify themselves, provide some form of identification as part of the KYC (Know Your Customer) program. Anonymous or semi-anonymous transactions are not allowed with licensed money transfer companies.
Does a remittance service/app that help people to find hawaladars or others to exchange their money with, but does not take part in money transactions (exchange will be outside the service/app) need to be registered with the FCA or HMRC in the UK?
If you include a fee for registration and/or take a fee for enabling this transaction, then you would be required to register with the FCA / HMRC (IMHO) as you’ve just executed a function of an intermediary. There is a false sense that an intermediary has to have/channel the funds (i.e. touch the money) in […]
Let us assume you are asking this question in regards to compliance in the financial services industry. The answer is simple, you get external help. You can either go to an external company that specializes in establishing/developing compliance programs for startups, or you hire people with proven experience in the field. Some would even work […]