A money transfer business is regulated in every country it serves, and the form of permission differs: an authorisation in the EU and UK, a registration with a financial intelligence unit in Canada and at federal level in the US, a licence in US states, Hong Kong and the UAE. We help you choose the regime, prepare the application and build the AML, finance and IT set-up that the regulator and partner banks will examine.
Money remittance is the business of receiving funds from a sender and making them available to a recipient, domestically or across borders, without the provider acting as a bank. In the EU and the UK it is one of the payment services and is authorised under payment services law with the lowest initial capital in that framework. In Canada and the US the same activity falls within the money services business (MSB) category, where federal registration is combined with provincial or state requirements.
Registration and licensing are not the same thing. FINTRAC (Canada's financial intelligence unit) and FinCEN (the US Financial Crimes Enforcement Network) register MSBs for anti-money laundering supervision, but registration is not an approval of the business. In the US, permission to transmit money is granted by each state separately; in Québec a provincial licence is needed in addition to federal registration.
For most remittance projects the critical issues are the same: correspondent and payout partners, safeguarding of client funds, agent networks and the strength of the AML/CFT (anti-money laundering and countering the financing of terrorism) framework. These determine both the regulator's decision and whether banks will open and keep accounts.
The table shows only requirements confirmed against official sources as of 15 October 2026. Other parameters are set by the regulator and confirmed at the assessment stage.
| Jurisdiction | Regulator | Regime | Key points |
|---|---|---|---|
| EU member states | National competent authority | Payment institution authorisation (PSD2) | Initial capital of €20,000 for money remittance only; ongoing own funds calculated by the method chosen by the regulator, with a reduced scaling factor for remittance; optional national small-institution exemption for up to €3 million in average monthly volume |
| United Kingdom | FCA | Authorised or small payment institution (PSRs 2017) | €20,000 initial capital for an authorised institution offering money remittance; small payment institution registration for an average monthly volume of up to €3 million, with no fixed minimum capital; new safeguarding rules (CASS 15) since 7 May 2026 for authorised institutions |
| Canada (federal) | FINTRAC | MSB registration — not a licence | Registration required before starting operations, including for foreign MSBs serving clients in Canada; expires unless renewed every 2 years; compliance programme with an effectiveness review at least every 2 years; agent eligibility and criminal record checks since 1 October 2025 |
| USA (federal) | FinCEN | MSB registration (Form 107) — not a licence | Filed within 180 days of establishment; renewed every 2 years; re-registration on change of control; list of agents kept; AML programme |
| USA (states) | State regulators, via NMLS | Money transmitter licence | Licensed state by state; the Money Transmission Modernization Act has been adopted in full or in part by 31 states; net worth and surety bond under state law |
| Hong Kong | Customs and Excise Department | Money Service Operator (MSO) licence | Covers remittance and money changing; fit-and-proper test including owners above 25%, competence assessment and interview; licence term 2 years; no minimum capital requirement |
| UAE (mainland) | CBUAE | Retail payment services licence, Category I or II | Cross-border transfers are permitted in Categories I and II; initial capital AED 1.5m / 3m (Cat. I) or AED 1m / 2m (Cat. II), depending on whether average monthly volume is below or above AED 10m |
| UAE (mainland) | CBUAE | Exchange house licence, Category A, B or C | Paid-up capital AED 2m, 5m or 10m (AED 50m for an LLC); bank guarantee of at least the greater of 100% of minimum capital and 5% of average monthly transfers, capped at AED 75m |
| Kazakhstan | National Bank of Kazakhstan (NBK) | Registration of a payment organisation | Entry in the NBK register via the e-government portal; services include accepting cash for payments without a bank account and processing client-initiated payments; operates under an agreement with a bank or a transfer organisation; capital confirmed at assessment |
| AIFC (Astana) | AFSA | Authorisation: Providing Money Services | Covers money transmission, currency exchange, payment instruments and stored value; separate from the Kazakhstan national regime; capital under AIFC prudential rules, confirmed with AFSA |
Regulatory capital is separate from state and application fees, operating costs and our fees. Our fees are agreed after the project assessment.
We map flows of funds, corridors, client types and partners, and determine which permissions each country requires.
We compare regimes, capital, timelines and banking access, and propose the corporate structure.
We register or restructure the company and help recruit or document key persons, including the compliance officer.
We prepare the business plan, financial model, policies, AML framework and IT description and file the application or registration.
We answer questions, revise documents and support interviews until a decision is made.
We help open safeguarding and operating accounts, configure the platform and support ongoing reporting and inspections.
Only some regimes set binding deadlines. FinCEN requires registration within 180 days of establishment; FINTRAC registration must be in place before services start; a Hong Kong MSO licence is valid for 2 years and its renewal must be filed at least 45 days before expiry. Real timelines depend on the regulator's workload, the quality of the application and how quickly the company fulfils any conditions.
Authorisation or registration of a payment service provider in the EU, UK, UAE, Singapore, Kazakhstan or the AIFC — from the choice of regime to launch.
Learn moreLicensing of electronic money institutions and stored value facilities in the EU, UK, UAE, Hong Kong, Singapore and the AIFC, and e-wallet models for Kazakhstan.
Learn moreLicences, registrations and list entries for bureaux de change, exchange houses and money changers dealing in fiat currency: Kazakhstan, EU, UAE, Hong Kong, Singapore, North America.
Learn moreRisk assessment, policies, KYC/KYB, sanctions and transaction monitoring, travel rule and inspection readiness for licensed and to-be-licensed financial and crypto businesses.
Learn morePayment services linked to digital assets, e-money, payment apps and infrastructure.
Learn moreDescribe your project in a few sentences. We will give you a substantive reply: which questions need answering and where to start.
Discuss your projectNo. Both are registrations for anti-money laundering supervision and do not mean that the regulator has approved the business. In the US a money transmitter also needs state licences, and in Québec a provincial licence is required in addition to FINTRAC registration.
An institution providing only money remittance needs initial capital of €20,000. On top of that it must maintain own funds calculated by the method the regulator applies. In the UK a small payment institution with up to €3 million average monthly volume has no fixed minimum capital.
Only within specific frameworks such as passporting inside the EU. Canada, the US, the UAE, Hong Kong and Kazakhstan each require their own permission, and in the US licences are issued state by state.
Yes. All the regimes on this page require the company to appoint a person responsible for AML compliance. We help prepare and support that person; outsourced support models can be discussed where the law allows, case by case.
No. The decision belongs to the regulator, and the decision to open an account belongs to the bank. We prepare the project so that it meets the requirements and can withstand the review.
Remittance moves money between a sender and a recipient; currency exchange converts one currency into another for the same client. Some regimes cover both, such as the Hong Kong MSO or UAE exchange houses; others treat them separately.
Describe your corridors, clients and partners. We will outline the permissions required, the main risks and the next steps; our fees are agreed after this assessment.
We will review the description and give you a substantive reply: which regime may apply and where to start.
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