Seven states have agreed to a multi-state compact that standardizes key elements of the licensing process for money services businesses (MSB), the Conference of State Bank Supervisors (CSBS) announced.
The agreement states that if one state reviews key elements of state licensing for a money transmitter – IT, cybersecurity, business plan, background check, and compliance with the federal Bank Secrecy Act –other participating states agree to accept the findings.
The result is expected to significantly streamline the MSB licensing process.
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