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Money Services Businesses

 

Shipkevich attorneys are poised to assist payment instrument issuers, stored value issuers, Internet funds transmitters, and other money transmitters on various matters concerning state money transmission licensing laws. We register such entities as Money Service Businesses (MSBs) with FinCEN. Our counsel is prepared to advise financial institutions on record keeping and reporting requirements, as promulgated by the Bank Secrecy Act. We assist clients with changing issues in electronic commerce, anti-money laundering policies, operations of payment systems or networks, and information privacy and security. We are also prepared to represent clients with regard to licensing and compliance matters before state and federal agencies and other regulatory bodies.

 

Shipkevich’s money transmitter and payment instrument issuer services include:

  • Counsel on changes and proposals to state legislation affecting money transmitters and payment issuers;
  • Guidance on what businesses and services need to register as money transmitters, registration requirements, and application specifics on a state-by-state basis;
  • Filings with state and federal governmental entities to operate as a money transmitter;
  • Issues concerning permissible investments for money transmitters and general bonding requirements in each state;
  • Compliance with anti-money laundering laws and measures to prevent terrorist financing.