Comply with State and Federal Requirements.
If your business model involves the transfer of money from one party to another, you should analyze whether you’re a money transmitter or a money services business (MSB) under state and federal guidelines.
Figuring out the type of business you are is only the first step in a complicated process that can include the need to register with the regulators.
Our experienced team of consultants works in connection with the Fintech team at Frost Brown Todd to provide strategic guidance on the structure of your company. For example, if a tweak to your business model might allow you to claim one of the exceptions to registering as an MSB, we’ll identify that modification and assist you in making the adjustments.
We’ll advise you on the risks involved with failing to register and guide you through the registration process. Additionally, if registration is required or desirable, we’re here to assist you in identifying and implementing programs required of registrants, such as the “Know Your Customer” program. We’ll get you started on the right foot so you’re poised for future growth.