Heh, and thats the easy part!
You also need to do the following, just off the top of my head:
- Quarterly audits that you pay for
- Every 6 weeks you need a verified and updated AML Program
- Attend BSA training twice a year
- Bend over backwards and get anally raped every day....
Oh, you also need at least two people, right?
IIRC, every MSB requires a compliance/risk officer, who is separate from the person(s) handling money day-to-day.
I believe this to be true, but not 100%.
FinCEN would probably reject 1-man shows though.
Money Services Business - The term "money services business" includes any person doing business, whether or not on a regular basis or as an organized business concern, in one or more of the following capacities:
(5) Money transmitter. <<<<<<<<<<<<--------------------- That is what makes bitinstant
Ya, the first part of your comment is true forsure!
Money Service Business is not the same as a Money Transmitter and you can be an MSB and not an MTB
(4) Seller or redeemer of traveler's checks, money orders or stored value. <---- This is what BitInstant is.
I see the BitInstant Foundation For The Prevention of Competition circlejerk has arrived to dispense their usual, shitty legal advice.
What? What kind of snide comment is this? I commented on this thread to help those who have questions and provide my input.
We've spent over 100k on lawyers, why shouldn't I be able to provide help and advice? If you don't want it, leave.
Every competitor of BitInstant are friends with us, and we all help each other out for a bigger pie instead of fighting over the small slices we have now.
Please don't make comments you don't know to be true, just makes you look dumb.