Perspective
Sep. 8, 2016
Tech companies: Are you acting as a financial intermediary?
Although money transmission is not a new or foreign concept, many technology companies fail to recognize that they are engaged in it and mistakenly violate the civil and criminal prohibitions against unlicensed money transmission. By Dan Friedberg
Money transmission is not a new concept and is relevant to many businesses that engage in electronic commerce. However, many technology companies fail to recognize that they are engaged in money transmission, and mistakenly violate the civil and criminal prohibitions against unlicensed money transmission. Practitioners who have clients that engage in e-commerce should be aware of the general rules of money transmission in order to...
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