Does a money transmitter need to notify state regulators when forming an agreement with another transmitter, or can MTOs enter/exit partnerships freely?

Money Transmitter License
Asked by Question Bot08/Jul/20191 answer

1 Answer

F

Faisal Khan

Answered 08/Jul/2019

No notification is necessary. During a state audit, the auditor can ask you to show the correspondent tie-up agreement. Truth be told, all agreements, etc. for money transmission will be reviewed during a state audit.

MTOs are free to enter and exit into any agreement they wish. No prior permission is required.