The State of Regulated Money Transmission

May 6, 2024

Read Time: 1 min

Member Amy Greenwood-Field (Washington, DC) will join a panel presentation on “The State of Regulated Money Transmission,” during the IPA Innovative Payments Conference on Monday, May 6, 2024, in Washington, DC.

Panelists will assess the current environment of Regulated Money Transmission. This comprehensive discussion will discuss the Money Transmission Model Act (MTMA), available uniform exemptions, and how states are increasing review and oversight of previously less regulated products such as Earned Wage Access and Virtual Currency. Don’t miss this discussion to learn to navigate this still-challenging environment. The good news is there is harmonization coming and there are tools to be aware of as you enter the world of state licensing.

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Insights

Published Article

New York Department of Financial Services Issues Guidance on Customer Service Requirements for Virtual Currency

July 1, 2024

On May 30, 2024, the New York Department of Financial Services (“DFS”) published a press release and issued guidance to Virtual Currency Entities (“VCEs”) concerning the DFS’s expectations for the resolution of customer service requests and complaints (“Guidance”), which expands upon the current requirements found in 23 NYCCR 200.20.

Presentation

Compliance Discussion Forum: Global Compliance Trends and Future Regulatory Outlook for Cross-Border Fintech

May 23, 2024

Member Amy Greenwood-Field (Washington, DC) will participate in a panel at CrossTech FinTech Payments 2024 entitled "Compliance Discussion Forum: Global Compliance Trends and Future Regulatory Outlook for Cross-Border Fintech," in New York City on May 23, 2024.

Presentation

Savoie and Greenwood-Field to Present at the 2024 NMLS Conference

February 15, 2024

Members of the Financial Institutions Compliance team will participate in multiple sessions during the Nationwide Mortgage Licensing System (NMLS) Conference in San Antonio, Texas.

Deep Dive into Consumer Finance

Podcast: Deep Dive Into Payments: Impacts of Money Transmission Laws

August 25, 2023

Today we're going to be talking about money transmission and how money transmission laws can impact people that are in the payments space and find themselves in the flow of funds or providing any kind of payment services to third parties.

Event

Webinar: Compliance Expectations for Money Transmitters and State-Licensed Entities

August 17, 2023

Join McGlinchey and FS Vector for a discussion and Q&A on the licensing and compliance requirements and practical considerations for money transmitter licensees.

Published Article

FinCEN Issues Final Rule Establishing Beneficial Ownership Information Requirements

November 11, 2022

On September 29, 2022, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule that establishes a beneficial ownership information (BOI) reporting requirement that will require reporting companies to report information about their respective beneficial owners to FinCEN, effective January 1, 2024. This reporting requirement will be in addition to the current state level requirements for submission of entity formation information.