Quote from: Yankee (BitInstant) on October 18, 2012, 08:11:50 PM

Quote from: jgarzik on October 18, 2012, 07:51:12 PM

Quote from: Yankee (BitInstant) on October 18, 2012, 07:19:36 PM

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.

Quote from: BitcoinINV on October 18, 2012, 07:59:07 PM

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.

Quote from: benjamindees on October 18, 2012, 08:01:45 PM

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.

I knew it was something like that but I figured since you guys did bank to bank thats what it fell under I am sorry for the mistake.