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`New York’s banking department defines money transfer as the “business of selling or issuing payment instruments, such as checks, or engag[ing] in the business
by Illniyar 11y ago
`New York’s banking department defines money transfer as the “business of selling or issuing payment instruments, such as checks, or engag[ing] in the business of receiving money for transmission.”`
I don't see how this could be mistaken to be applied to "any website that receives commerce" - the important part here is transmission - i.e. only sites that receive money for the purpose of transferring it to a different location.
- thinkcomp 11y agoHere's how state regulators define money transmission: A pays B, and B pays C. If that is true, B is a money transmitter. Does that cover practically all commercial activity? Yes. Does it make any sense to use that interpretation? No. Do regulators anyway? Yes.