Money Transmitting Business Law and Legal Definition

According to 31 USCS § 5330 [Title 31. Money And Finance; Subtitle IV. Money; Chapter 53. Monetary Transactions; Subchapter II. Records And Reports On Monetary Instruments Transactions], the term "money transmitting business" means “any business other than the United States Postal Service which:

(A) provides check cashing, currency exchange, or money transmitting or remittance services, or issues or redeems money orders, travelers' checks, and other similar instruments or any other person who engages as a business in the transmission of funds, including any person who engages as a business in an informal money transfer system or any network of people who engage as a business in facilitating the transfer of money domestically or internationally outside of the conventional financial institutions system;[;]

(B) is required to file reports under section 5313 [31 USCS § 5313]; and

(C) is not a depository institution (as defined in section 5313(g) [31 USCS § 5313(g)]).”