Does a money-transfer company have to register in the sending country, the receiving country, or both?
Payments
Asked by Question Bot01/Aug/20141 answer
1 Answer
F
Faisal Khan
Answered 01/Aug/2014
Money Transfer is regulated. Needless to say, you would need to register as a licensed MTO (Money Transfer Operator) in your base country. Depending on where you are in the world, the nomenclature varies. Some call it MSB (Money Service Business), some call it Money Transmitters, some call it Money Transfer Operators. Nevertheless, registration is required.
When you tie-up (industry terminology) with a licensed operator in the receiving country, the regulator could require that for the corridor you be registered or approved in their country also.
If you are registered in the UK/US, you can deliver remittances to any part of the world by simply having a correspondent agreement with a licensed operator in the receiving country.
When you tie-up (industry terminology) with a licensed operator in the receiving country, the regulator could require that for the corridor you be registered or approved in their country also.
If you are registered in the UK/US, you can deliver remittances to any part of the world by simply having a correspondent agreement with a licensed operator in the receiving country.