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Are money transfers regulated in the US?

Yes, all money transfer companies in the USA are regulated and need to obtain a license to offer money transfer services. Under federal law, 18 USC § 1960, businesses are required to register for a Money Transmitter license where their activity falls within the state definition of a money transmitter.

Find more questions on this topic
Can I transfer money from the US to an account in another name to Nigeria? Why do money transfer companies offer different exchange rates for Nigeria? Can I send money to Nigeria from USA through MoneyGram? How to send money to Nigeria from the USA? How long does an international money transfer to Nigeria from the US take?

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Are money transfers regulated in the US?

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