There are various ways of looking at it, rather than just the money transmission angle. State regulators or federal regulators will look at the intent of your app. Some pertinent questions are: Does your app facilitate the transactions? Yes! Can the marketplace charge a fees for such a facilitation? Yes! Does the app aid in the transfer of money […]
If I want to start an international money transfer business, do I have to obtain money transmitter licenses AND an MSB license?
Yes, however, there is a slight difference between the two. A license is required nonetheless. Alternatively, you can become a reseller (better read as Agent) for a company that already has all the legal requirements fulfilled. If your business would be online, then you need a money service business as well as a Money Transmitter license […]