Money Service Businesses
Money service businesses is a comprehensive term which includes money transmitters, check sellers and stored-value companies. With the evolution of FinTech companies comes the evolution of money services businesses.
From telecommunications carriers that offer pay-to-mobile to e-vouchers based on proprietary web payment solutions. Like a traditional depository financial institution, money service businesses must handle corporate organization, federal and state registration and licensing, and consumer compliance issues.
Money service businesses also have to navigate the uniquely complex anti-money laundering and Bank Secrecy Act responsibilities; these are requirements that we have many years combined experience in handling in an efficient and effective manner.
At Shipkevich, our experienced lawyers help money service businesses traverse this legal terrain. We represent money service businesses that are start-ups creating first-view payment solutions, as well as the growing group of licensees operating under traditional money transmitter regimens.
We work with FinTech companies new to the industry, issuers who operate from banking charters with banks that book MSBs as clients, and with program administrators that manage stored-value programs.
We focus on licensing, compliance and supervisory, and administrative disputes to mitigate the hurdles your business must go through before it can properly operate.