Currency Exchange License Services
Currency Exchange License Services
Whether you’re setting up a storefront or building a digital platform that converts currency, licensing is a critical step. We help fintechs and financial firms understand the rules, gather the right documents, and navigate the licensing process.
Whether you’re setting up a storefront or building a digital platform that converts currency, licensing is a critical step. We help fintechs and financial firms understand the rules, gather the right documents, and navigate the licensing process.
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Eligibility
Eligibility
Who Needs a Currency Exchange License?
Currency exchange licenses apply to more than just traditional money changers. If your product or platform lets users convert one fiat currency into another, even as a side feature, you may fall under state or federal licensing requirements.
Physical Currency Exchange Stores
Businesses that operate storefronts or kiosks where people can exchange one country’s currency for another.
Physical Currency Exchange Stores
Businesses that operate storefronts or kiosks where people can exchange one country’s currency for another.
Online FX Platforms
Web-based platforms or apps that offer real-time currency conversions between fiat currencies, often tied to digital wallets or cards.
Online FX Platforms
Web-based platforms or apps that offer real-time currency conversions between fiat currencies, often tied to digital wallets or cards.
Travel and Expense Fintechs
Apps that include multi-currency accounts or let users spend abroad using dynamic exchange features.
Travel and Expense Fintechs
Apps that include multi-currency accounts or let users spend abroad using dynamic exchange features.
Prepaid and Multi-Currency Card Providers
Companies offering prepaid cards or wallets that support currency exchange features as part of international spending or remittance products.
Prepaid and Multi-Currency Card Providers
Companies offering prepaid cards or wallets that support currency exchange features as part of international spending or remittance products.
Steps
Steps
The Currency Exchange Licensing Process
01
Register as an MSB with FinCEN
Currency exchange businesses must register with FinCEN and meet Bank Secrecy Act requirements, including customer due diligence and suspicious activity monitoring. This registration is required within 180 days of starting operations.
01
Register as an MSB with FinCEN
Currency exchange businesses must register with FinCEN and meet Bank Secrecy Act requirements, including customer due diligence and suspicious activity monitoring. This registration is required within 180 days of starting operations.
02
Build a BSA/AML Compliance Program
Before applying for state licenses, develop a written anti-money laundering program with internal controls, a designated compliance officer, and training procedures. This is required under federal law and reviewed by most state regulators.
02
Build a BSA/AML Compliance Program
Before applying for state licenses, develop a written anti-money laundering program with internal controls, a designated compliance officer, and training procedures. This is required under federal law and reviewed by most state regulators.
03
Identify Required State Licenses
Each state has its own licensing rules. Some issue currency exchange licenses directly, while others may require a money transmitter license. You’ll need to map out licensing obligations based on your operating footprint.
03
Identify Required State Licenses
Each state has its own licensing rules. Some issue currency exchange licenses directly, while others may require a money transmitter license. You’ll need to map out licensing obligations based on your operating footprint.
04
Prepare Application Materials
State applications typically require detailed ownership info, financials, surety bonds, background checks, and your AML documentation. Regulators will assess the financial stability of your company and the background of key individuals. Any red flags can delay or block approval.
04
Prepare Application Materials
State applications typically require detailed ownership info, financials, surety bonds, background checks, and your AML documentation. Regulators will assess the financial stability of your company and the background of key individuals. Any red flags can delay or block approval.
05
Submit and Respond to Regulator Requests
Once submitted, regulators may follow up with questions or requests for clarification. Timely and accurate responses help keep the review on track.
05
Submit and Respond to Regulator Requests
Once submitted, regulators may follow up with questions or requests for clarification. Timely and accurate responses help keep the review on track.
06
Maintain Ongoing Compliance
Once licensed, you’ll need to file renewals, report changes, and keep your AML program up to date. Some states conduct routine exams to review compliance.
06
Maintain Ongoing Compliance
Once licensed, you’ll need to file renewals, report changes, and keep your AML program up to date. Some states conduct routine exams to review compliance.
Resources
Resources
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FAQ
FAQ
Frequently Asked Questions
Frequently Asked Questions
Do I need to register with FinCEN as a currency exchange?
Do I need to register with FinCEN as a currency exchange?
Work With a Compliance Team That Gets Fintech
Work With a Compliance Team That Gets Fintech
Who We Serve
Compliance Services
Compliance Consulting
Compliance Operations
Licensing Services
Resources
About InnReg
The content provided on this website is for informational purposes only and does not constitute legal, investment, tax, or other professional advice. InnReg LLC is not a law firm, tax advisor, or regulated financial institution. Viewing this site or contacting InnReg does not create a client relationship. Results described in case studies or testimonials may not be typical and do not guarantee future outcomes. Tools, spreadsheets, or guides available on this site are provided for illustrative purposes only and should not be relied upon without professional guidance. Any links to third-party websites are provided for convenience and do not constitute endorsement or responsibility for their content. The information on this site may not be applicable in all jurisdictions. While we strive to provide accurate content, we make no representations as to its completeness or timeliness. Some visual assets on this site are sourced from Freepik.
Who We Serve
Compliance Services
Compliance Consulting
Compliance Operations
Licensing Services
Resources
About InnReg
The content provided on this website is for informational purposes only and does not constitute legal, investment, tax, or other professional advice. InnReg LLC is not a law firm, tax advisor, or regulated financial institution. Viewing this site or contacting InnReg does not create a client relationship. Results described in case studies or testimonials may not be typical and do not guarantee future outcomes. Tools, spreadsheets, or guides available on this site are provided for illustrative purposes only and should not be relied upon without professional guidance. Any links to third-party websites are provided for convenience and do not constitute endorsement or responsibility for their content. The information on this site may not be applicable in all jurisdictions. While we strive to provide accurate content, we make no representations as to its completeness or timeliness. Some visual assets on this site are sourced from Freepik.
Who We Serve
Compliance Services
Compliance Consulting
Compliance Operations
Licensing Services
Resources
About InnReg
The content provided on this website is for informational purposes only and does not constitute legal, investment, tax, or other professional advice. InnReg LLC is not a law firm, tax advisor, or regulated financial institution. Viewing this site or contacting InnReg does not create a client relationship. Results described in case studies or testimonials may not be typical and do not guarantee future outcomes. Tools, spreadsheets, or guides available on this site are provided for illustrative purposes only and should not be relied upon without professional guidance. Any links to third-party websites are provided for convenience and do not constitute endorsement or responsibility for their content. The information on this site may not be applicable in all jurisdictions. While we strive to provide accurate content, we make no representations as to its completeness or timeliness. Some visual assets on this site are sourced from Freepik.