Money Transmitting Business Registration
All Money Transmitting Businesses shall register before the RFSA no later than 180 days from the date on which the business is legally incorporated.
The Próspera Financial Regulation A defines a “Money Transmitting Business” as those providing services that include accepting currency, funds, or value that substitutes for currency and transmitting the currency, funds, or value that substitutes for currency by any means, including through a financial agency or institution, or an electronic funds transfer network.
Relevant RFSA Administrative Actions:
Próspera Financial Regulation A (excerpt):
Division 14. Registration of money transmitting businesses
Sec. 1401. In relation to the registration of money transmitting businesses:
(a) Any person who owns or controls a money transmitting business shall
register the business with RFSA not later than the end of the 180-day period beginning
after the date on which the business is legally incorporated.
(b) Subject to the requirements of section 1402, RFSA shall prescribe, by
published administrative action (subject to override by Rule), the form and manner for
registering a money transmitting business pursuant to paragraph (a).
(c) The filing of false or materially incomplete information in connection with
the registration of a money transmitting business shall be considered as a failure to
comply with the requirements of this Part.
Sec. 1402. The registration of a money transmitting business under section 1401
shall include the following information:
(a) The name and location of the business.
(b) The name and address of each person who:
(1) Owns or controls the business;
(2) Is a director or officer of the business; or
(3) Otherwise participates in the conduct of the affairs of the business.
(c) The name and address of any depository institution at which the business
maintains a transaction account.
(d) An estimate of the volume of business in the coming year (which shall be
reported annually to RFSA).
(e) Such other information as RFSA may require.
Sec. 1403. Pursuant to published administrative actions (subject to override by
Rule) which RFSA may prescribe, each money transmitting business shall:
(a) Maintain a list containing the names and addresses of all persons authorized
to act as an agent for such business in connection with activities habitual to the businesses
and such other information about such agents as RFSA may require; and
(b) Make the list and other information available on request to any appropriate
law enforcement official.
Sec. 1404. RFSA may prescribe published administrative actions (subject to
override by Rule) establishing, on the basis of such criteria as RFSA determines to be
appropriate, a threshold point for treating an agent of a money transmitting business as a
money transmitting business for purposes of this division.
Sec. 1405. Any person who fails to comply with any requirement of this division or
any regulation prescribed under this division shall be liable to Próspera for a civil penalty
of US$2,000 for each such violation.
Sec. 1406. Each day a violation described in section 1405 continues shall constitute
a separate violation for purposes of such section.
Sec. 1407. Any penalty imposed under this division shall be assessed and collected
by RFSA in the manner provided in division 11 and any such assessment shall be subject
to the provisions of such division.