Money Transfer License

A money transfer license (MTL) also commonly known as a money transmitter license legally allows all the money transmitters to conduct their businesses. To assist the government in mitigating any money-related crimes, money transmitters require this special license.

Any money transmitter with the MTL must comply with the law. These laws are often imposed by the Financial Crimes Enforcement Network (FinCEN) of the United States Department of Treasury.

A money transmitter offers monetary services in several businesses. Money transmitters have the capability of running a currency exchange. This includes both fiats as well as cryptocurrency. They are also responsible to check to cash as well as issuing money orders.