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C-Suite Review

C-Suite Financial Services Review: Navigating state money-transmission laws

Buckley C-Suite Financial Services Review

Kathryn L. Ryan

Financial technology companies’ entry into the payment, money transmission, consumer and commercial finance, and virtual-currency markets has spotlighted byzantine state money-transmission laws.

State regulators are generally responsible for licensing and supervising the activities of money transmitters that conduct business in their states. Consequently, these companies are subject to different licensing and other regulatory obligations in virtually every state in which they conduct business. For companies that want to offer their products and services to customers throughout the U.S., including fintechs, licensing in particular can be a complicated and costly process.

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