Complying With Money Transmission Laws: FBO Accounts and Other Exemptions, Federal and State Regulatory Framework
A live 90-minute premium CLE video webinar with interactive Q&A
This CLE webinar will examine current legal requirements for money transmission and the licensing exemptions available to money transmitters at both the federal and state levels. The panel will also discuss the advantages and potential pitfalls of For Benefit Of (FBO) accounts for banks and the money transmitters that partner with them.
- Money transmission defined: types of money transmitters
- Federal regulation: Bank Secrecy Act and FinCEN
- State regulation: patchwork of varying regulations
- Federal exemptions
- FBO accounts
- Contractual terms
- Concerns for banks
- Concerns for fintech and other money transmitters using FBO accounts
- Money Transmission Modernization Act (Money Transmitter Model Law)
The panel will review these and other important issues:
- What constitutes money transmission, and how is it regulated at the federal and state levels?
- What types of money transmitters are exempt from federal regulation?
- To what extent do state laws recognize the same or similar exemptions?
- How is an FBO account structured, and what are the key issues with which banks need to be concerned?
Troy K. Jenkins
Wilson Sonsini Goodrich & Rosati
Mr. Jenkins’ practice focuses on advising financial institutions, financial services companies, and... | Read More
Mr. Jenkins’ practice focuses on advising financial institutions, financial services companies, and technology companies providing electronic payment services on the legal issues affecting their business. His particular areas of expertise include federal money services business laws; state money transmission laws; the Electronic Fund Transfers Act and Regulation E; federal anti-money laundering laws; and the Electronic Signatures in Global and National Commerce Act (E-Sign Act). He also counsels clients on compliance with sanctions regimes. Mr. Jenkins’ representative subject matter areas have included money services’ business registration and money transmitter licensure; structuring novel financial products; e-commerce and electronic funds transfers; and anti-money laundering and economic sanctions compliance. He regularly advises clients on emerging federal and state legislative and regulatory developments; regulatory compliance; licensing requirements; and negotiating bank and payment processing partnership agreements. He also counsels clients seeking assistance with regulatory due diligence and money laundering investigations. Mr. Jenkins frequently provides analysis and commentary on legal and business developments in the financial services industry.Close
Mr. Shipkevich's practice concentrates on futures, commodities, and derivatives regulatory, transactional, and... | Read More
Mr. Shipkevich's practice concentrates on futures, commodities, and derivatives regulatory, transactional, and enforcement matters. He has a strong legal background in corporate governance, compliance, regulatory, and collateral issues associated with these areas. He performs transactional work for Futures Commissions Merchants (FCMs), Retail Foreign Exchange Dealers (RFEDs), Introducing Brokers (IBs), Commodity Pool Operators (CPOs), Commodity Trading Advisors (CTAs), Swap Dealers (SDs), Swap Execution Facilities (SEFs), and domestic and offshore hedge funds. He guides clients on procedures related to registration with the U.S. Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA), as well as domestic and international regulators in local jurisdictions.Close
Early Discount (through 03/03/23)
Cannot Attend March 29?
Early Discount (through 03/03/23)
You may pre-order a recording to listen at your convenience. Recordings are available 48 hours after the webinar. Strafford will process CLE credit for one person on each recording. All formats include course handouts.