Community Q&A
Questions
3,063 questions answered by experts in payments, banking, and financial services.
Can a federally chartered bank open a branch in any state?
Which blockchain can you deploy an exchange-traded fund (or EFT) on?
How does one define a hedge fund in detail?
How does one structure an ETF (exchange-traded fund)?
What is the difference between a hedge fund and a mutual fund?
What is Hawala Money?
Do you think an ACH can be rejected (incurring reject fees) if we verify the balance ahead of time?
Is a License Necessary to Start a Money Transfer Business?
What criteria distinguishes an MSB from an FMSB?
How can there be fraud in the money transfer business? I don’t know about the business and want to know if it comes with some kind of chargeback or fraud protection for us.
Can a company registered in Barbados as a licensed MSB operate (send/receive money) from/in Florida?
We have established a money transfer company in Canada and now we are looking for a bank in the US and want to be its Authorized Delegate in the USA for money transfer services.
Can we get the US multi-currency accounts without being licensed in the US yet?
Do OTC services require a license?
Can we work under a Trust’s Money Transmitter License?
Do Trust Companies provide money transmitter license coverage?
Montana does not require a money transmitter license, so if I register a company there am I exempt from money transmitter licenses?
Is there an advantage of getting the EMI license in Lithuania vs Ireland?
What is the difference between an agent and non-agent of an EMI in Europe/UK?
Since our company is about to obtain a Labuan Money Brokering license, may I know whether it is sufficient to use this license to apply to be a Registered Agent (RA) under an EMI holder?
Isn’t the idea of ‘renting’ a license considered wrong? Could it have legal ramifications if we rented a license?
Are banks legally required to perform AML and KYC checks when opening new accounts?
How can I confirm whether a bank transfer was successful if the funds were deducted from my account?
What happens if a wire transfer is sent to a bank account that does not exist?
What are the eligibility requirements for a money transmitter license, and must a company actually hold customer funds?
Why do US banks require the full legal name of foreign beneficiaries for international wires?
What exactly are AML and KYC checks?
What laws and regulations govern international remittances, and how do they differ across countries?
What does it mean to acquire a Money Transmitter License (sponsorship)?
Can we apply for a Lithuanian license if we are already incorporated in Ireland? That would be our preferred option given that we’ll need to staff operations in whatever country we do get our license.
Can we also market in the African corridors we are licensed in and send/receive payments between the African corridors?
There is no crypto-license sponsorship option in the EU, am I right?
Can cryptocurrencies realistically support real-time micropayments and peer-to-peer transactions?
Why might a US bank reject an incoming international wire transfer?
What is the process for obtaining a money transmitter license in the US?
Why do many P2P money transfer companies eventually pivot toward B2B payments?
If I want to launch a crypto wallet, how can I secure a sponsoring bank for a crypto money transfer license?
Can settlement funds be redirected to a bank account in a country different from the payout country?
Can a money transfer agent outlet legally operate from a consulate or embassy location?
Where can I find a detailed breakdown of money transmitter license costs in the United States?
What is cryptocurrency-as-a-service?
Is a money transmitter license adequate for launching crypto-related services in the US?
Would a US Bank Account (Nostro) via Fedwire be held in a foreign country? Would that be classified as Nostro accounts?
What is the difference between Reserve and Pre-funding under Balances & Reserves?
What is Hawala or Hundi?
As a sponsored party which parties do we share our customers’ KYC information with, if any?
Who is responsible for anti-money laundering?
What is Regulation-E in cross border funds transfer?
In economics, what is a Pegged Currency?
How is One Currency Pegged to Another and How Does it Work?
What is Europe's Electronic Money Directive or EMD?
Why is a nested transaction in the banking world a high risk transaction?
What would be considered a nested transaction for cross border money transfer?
What is considered a nested transaction?
What is Dollar Cost Averaging?
What are the downsides of offshore banking?
What is FATF?
In payments, what is a merchant of record and what does it mean?
What is Interoperability in payments?
What is Embedded Finance?
What is Regulatory Arbitrage?
How do Foreign Exchange transactions work?
What is Bank of International Settlements and how does it work?
What is Hawala and How Does it Work?
What is the difference between Hawala and Hundi?
What is Feipiao and how does it work?
What is Feipiao?
What is the difference between flying cash and paper money?
What is the difference between a Nostro account and a Vostro account?
What are remittances and how do they contribute to the economy of the developing world?
What is Europe's Electronic Money Directive (EMD)?
Why is a Legal Memo Required?
How to do Money Transfer?
What are reliable alternatives to PayPal and Venmo as of 2021?
What is the most effective approach to conducting KYC for an ICO?
Which countries currently allow the use of cryptocurrencies for remittances?
Can ACH transfers be made to or from a prepaid card?
Why must international wire transfers be verbally approved by banks and how do fees differ from standard transfers?
If offshore funds are proven stolen, can they be frozen or seized?
How do countries obtain US dollars when adopting it as their official currency?
Can I open a US bank account remotely to create a PayPal business account?
How do international banks physically settle balances between each other?
Does incorporating in Montana exempt a company from money transmitter licensing?
If my branch lacks a SWIFT code, can I use the main HBL Pakistan SWIFT code for transfers?
How do companies receive money from products sold in supermarkets?
Is a money transmitter license sufficient for crypto services in the US?
What qualifies as a cryptocurrency service?
Can trust companies provide money transmitter license coverage?
What is the difference between an agent and non-agent of an EMI in Europe or the UK?
What alternatives exist to Payoneer for receiving US client payments?
Do digital balances always represent real money held by banks?
Is a routing number always required to transfer money?
When companies are acquired for billions, how does the payment transaction occur?
Is there a global standard for a compliance manual?
When Should We Hire a Compliance Officer
Why is mobile money adoption higher in developing countries than developed ones?
Does every central bank maintain foreign exchange reserves?
Do I need my own e-money license or can I start under a leased license?
How can law enforcement access a bank account without notifying the account holder?
Are there official government-issued anti-money laundering or anti-terrorism certificates, or are these scams?