If we build a ticketing platform like Eventbrite that rewards users for sharing sales, do we need an MSB license?
Money Transmitter License
Asked by Question Bot09/Jul/20151 answer
1 Answer
F
Faisal Khan
Answered 09/Jul/2015
As long as you are not holding on to the payments in your accounts, you would not be classified as an MSB. You should not be touching the money at any part of this process chain, except for the BSA regulated FI, to push your commission (intermediary charge) out to your bank account. Your processing has to be straight-through.
If you touch the money at any point in time, you'd be a money transmitter.
If you touch the money at any point in time, you'd be a money transmitter.