Money Service Businesses

Money service businesses (MSBs) represent a broad category including money transmitters, check sellers, stored-value companies, and other innovative payment providers. The advent of FinTech has significantly expanded the MSB landscape, introducing new players such as telecommunications carriers with pay-to-mobile services and platforms offering e-vouchers via proprietary web payment solutions. As these entities proliferate, they bring along the complexities of corporate structure, plus federal and state oversight requirements, akin to traditional banking institutions.

Shipkevich is dedicated to smoothing the legal terrain for MSBs amid the rapid advancements of the FinTech sector. We pride ourselves on the depth of our expertise, the breadth of our experience, and the proactive approach we take in addressing the legal needs of our clients. Our goal is to mitigate the regulatory hurdles that your business encounters, enabling you to focus on innovation and market leadership.

Our Money Services Business Legal Services:

• Corporate Organization and Strategic Planning: Establishing a strong legal foundation is critical for MSBs. We assist with all aspects of corporate organization, helping define the optimal structure for operational efficiency and compliance readiness, tailored to the specifics of FinTech and payment innovations.
• Federal and State Registration and Licensing: A vital step for MSBs is acquiring the necessary federal registrations and state licenses to legally operate. Shipkevich has a wealth of experience in guiding clients through the intricacies of multi-jurisdictional licensing processes and communicating with federal and state regulators and examiners alike.
• Consumer Compliance Support: Consumer protection is a corner-stone concern for MSBs. Our legal team can empower your business with cutting-edge compliance strategies that address consumer regulations, delivering the transparency and fairness expected by both regulatory bodies and the public.
• Anti-Money Laundering and Bank Secrecy Act Expertise: Navigating the complex requirements of AML and BSA is daunting but essential for MSBs. With our extensive experience, we craft robust frameworks for compliance, designed to withstand scrutiny and safeguard your operations against legal and reputational risks.
• Representation for Innovative Payment Solutions: We represent not only traditional money transmitters but also startups forging novel payment mechanisms. Our attorneys are adept at counseling businesses as they introduce first-to-market payment solutions and adapt to established regulatory environments.
• Advisory for Banking Partnerships: We work with issuers operating under banking charters, banks hosting MSBs as clients, and program administrators managing stored-value systems. Our advisory services facilitate strong, compliant partnerships that benefit all stakeholders in the financial ecosystem.
• Regulatory Compliance and Supervision: Our focus extends to compliance and supervisory matters, orchestrating thorough assessments and advising on enhancements to meet and surpass regulatory expectations.
• Administrative Dispute Resolution: Should administrative disputes arise, we are well-prepared to mitigate these challenges. Our approach aims to resolve potential conflicts and avoid protracted litigation, allowing your business to continue operating without undue interruption.