On March 16, 2026, the White House issued a new executive order establishing the Task Force to Eliminate Fraud (Task Force), a government-wide initiative aimed at eliminating fraud across federal programs. While the Task Force is primarily focused on protecting public funds, its ripple effects will be felt well beyond government agencies, especially by Money […]
NOTE: On February 27, 2026, FinCEN issued an Exemptive Relief Order removing banks as a Covered Business under this GTO until March 13, 2026. FinCEN stated this was to “allow banks sufficient time to report certain information required by the GTO.” FinCEN’s newly issued Geographic Targeting Order (GTO) for Minnesota is a clear […]
A major change is on the horizon for money services businesses (MSBs) and their customers. With the recent passage of the One Big Beautiful Bill Act, the federal government has introduced a 1% remittance excise tax on certain outbound money transfers, commonly referred to as “remittances.” Set to take effect January 1, 2026, this tax […]
The Final Rule Signals Bigger Changes Ahead On August 28, 2024, the Financial Crimes Enforcement Network (FinCEN) issued a final rule that formally integrates countering the financing of terrorism (CFT) into the required anti-money laundering (AML) programs for certain investment advisers. While money services businesses (MSBs) are not directly affected by this rule, the move […]
Obtaining a money transmitter license (MTL) in the United States is a multifaceted process that requires adherence to federal and state regulations. These licenses are essential for businesses that transfer funds or facilitate financial transactions on behalf of others, including electronic money transmission, currency exchange, and handling digital assets such as cryptocurrencies. The licensing process […]
