Comments on: More Information Concerning Unlicensed Money Transmitters http://hyipblog.nobshyip.net/2007/03/07/more-information-concerning-unlicensed-money-transmitters/ the latest HYIP community updates, from readers, to readers Thu, 09 Feb 2012 14:46:28 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: sharonsopinion http://hyipblog.nobshyip.net/2007/03/07/more-information-concerning-unlicensed-money-transmitters/#comment-44002 sharonsopinion Wed, 07 Mar 2007 17:34:47 +0000 http://hyipblog.nobshyip.net/2007/03/07/more-information-concerning-unlicensed-money-transmitters/#comment-44002 Renba, Licensing is Country dependent. In the US, the business must have a Federal license, an SEC license and if they are operating in the 41 states that require licenses, then they must have a state license as well. For example, PayPal displays their licenses at https://www.paypal.com/cgi-bin/webscr?cmd=p/ir/licenses-outside I don't know much about Canada, but it looks like a license is required from the Ministry of Finance. Beyond the US and Canada, I don't have any knowledge. If the business doesn't display their license information anywhere on their site, you can ask them about it. They should supply you with either the license information or specific laws as to why they don't need a license. I hope this helps! JMO, Sharon Renba,

Licensing is Country dependent. In the US, the business must have a Federal license, an SEC license and if they are operating in the 41 states that require licenses, then they must have a state license as well. For example, PayPal displays their licenses at https://www.paypal.com/cgi-bin/webscr?cmd=p/ir/licenses-outside

I don’t know much about Canada, but it looks like a license is required from the Ministry of Finance.

Beyond the US and Canada, I don’t have any knowledge. If the business doesn’t display their license information anywhere on their site, you can ask them about it. They should supply you with either the license information or specific laws as to why they don’t need a license.

I hope this helps!
JMO,
Sharon

]]> By: Renba http://hyipblog.nobshyip.net/2007/03/07/more-information-concerning-unlicensed-money-transmitters/#comment-44000 Renba Wed, 07 Mar 2007 17:12:58 +0000 http://hyipblog.nobshyip.net/2007/03/07/more-information-concerning-unlicensed-money-transmitters/#comment-44000 Hmm..forgive me for my ignorance, what should be the license that a payment processor should possess? For example, in Singapore, certain financial activities do not require the approval of the Monetary Authority of Singapore. Just wondering what is the license that we should look out for when dealing with payment processors? and how do we verify that a certain license produced by a certain payment processor is genuine or not? Thanks. Hmm..forgive me for my ignorance, what should be the license that a payment processor should possess? For example, in Singapore, certain financial activities do not require the approval of the Monetary Authority of Singapore.

Just wondering what is the license that we should look out for when dealing with payment processors? and how do we verify that a certain license produced by a certain payment processor is genuine or not?

Thanks.

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