Money Transmitting Service 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 service" includes “accepting currency or funds denominated in the currency of any country and transmitting the currency or funds, or the value of the currency or funds, by any means through a financial agency or institution, a Federal reserve bank or other facility of the Board of Governors of the Federal Reserve System, or an electronic funds transfer network.”