In 2015, FinCEN fined Ripple for acting as a money transmitter and also violating various sections of the BSA (Bank Secrecy Act). WASHINGTON, DC – The Financial Crimes Enforcement Network (FinCEN), working in coordination with the U.S. Attorney’s Office for the Northern District of California (USAO-NDCA), assessed a $700,000 civil money penalty today against Ripple Labs Inc. and […]
Is a Money Service Business that is exempted from money transmission license requirement required to be licensed in all US states or is FinCEN registration sufficient?
If you are an MSB that is exempt from MTLs – that exemption would apply on a state by state basis. So for the states you are exempt, you are exempt, but others may require you to obtain a license. As far as FinCEN registration is concerned, if you are deemed to be an MSB, […]