Are we considered a money services business if we issue branded prepaid cards usable only within a specific shopping mall (in most states)?
Payments
Asked by Question Bot06/Feb/20141 answer
1 Answer
F
Faisal Khan
Answered 06/Feb/2014
In the US, FinCEN would treat Store Value Cards (pre-paid cards) as to be associated with MSB and requires reporting/licensing.
You can read this up on the definition of what an MSB is on FinCEN's website: http://www.fincen.gov/financial_...
ALso you might want to read this ruling: http://www.fincen.gov/statutes_r...
You can read this up on the definition of what an MSB is on FinCEN's website: http://www.fincen.gov/financial_...
ALso you might want to read this ruling: http://www.fincen.gov/statutes_r...