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My thoughts exactly, without a MTL (Money transmitting License) it seems like this runs afoul of a number of things including KYC. For the record MTL's for all
by joshstrange 9y ago
My thoughts exactly, without a MTL (Money transmitting License) it seems like this runs afoul of a number of things including KYC. For the record MTL's for all 50 states will run you 6-12 months and ~300K when insurance, lawyer fees, and application fees are through (That's for the first year, subsequent years are cheaper but still).
- pfarnsworth 9y agoThey don't need an MTL because they're not transmitting money to another party or holding the money, they're just transmitting the money back to the original party. However, it does seem like they are running afoul of other parts of regulations, like KYC and money laundering.
- joshstrange 9y agoAhh, thank you for clearing that up. I was recently looking into starting a business that required an MTL and knew WE needed one but wasn’t completely sure about what qualified for other companies.