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MoFo Reenforcement The Enforcement Blog

Are You a Money Transmitter in South Dakota or Delaware?

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One of the defining aspects of the payments revolution of the past few years—at least from a regulatory perspective — has been the question of whether a particular payments service is subject to regulation as money transmission. A recent trend has been toward states affirming that, under certain conditions, state money transmission licensing laws do not apply to services provided as an agent of the payee. The most recent state to do so is South Dakota.

Read our client alert.