money transmission business definition

money transmission business means the business of accepting cash, cheques, other monetary instruments or other stores of value in one location and the payment of a corresponding sum in cash or other form to a beneficiary in another location by means of a communication, message, transfer or through a clearing network to which the money transfer business belongs;
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money transmission business means a busi- ness that comprises or includes providing a money transmission service to members of the public;
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money transmission business means a person qualified to do business in this State who receives currency, monetary value, or payment instruments for the purpose of transmitting the money by any means that facilitate the transfer within this country, or to or from this country, or in exchange for a promise to make the money, monetary value, or payment instruments available at a later time or in a different location. The term does not include:
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Examples of money transmission business in a sentence

  • The Central Bank of The Bahamas (“the Central Bank”) is responsible for the licensing, regulation and supervision of non-bank money transmission businesses operating in and from within The Bahamas pursuant to the Banks and Trust Companies Regulation Act, 2000 (“BTCRA”) as amended1, the Central Bank of The Bahamas Act, 2000 (“CBA”) as amended2, the Banks and Trust Companies (Money Transmission Business) Regulations, 2008 (“the MTBR”), as amended.

  • A licensee under this act shall not be subject to the provisions of the act of September 2, 1965 (P.L. 490, No. 249), referred to as the Money Transmission Business Licensing Law, to the extent that the licensee transmits money pursuant to the terms of a debt management services or debt settlement services agreement.

  • I, (full name and address) of confirm that I have read and understood the provisions of The Banks and Trust Companies (Money Transmission Business) Regulations, 2008 (“the Regulations”) and I declare that the business in respect of which this application is made will be conducted in accordance with the provisions of the Regulations and any other relevant legislation.


More Definitions of money transmission business

money transmission business means a business that comprises or includes providing a money transmission service to members of the public;
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money transmission business means a person
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Related to money transmission business

  • Money transmission means any of the following:

  • Transmission pipeline means any high pressure transmission pipeline connected to, but excluding the Maui Pipeline, that is used for the open access transportation of Gas, and includes all items of plant, equipment, fixtures and fittings directly appurtenanced to that pipeline, but excluding any item which is controlled by a party other than that pipeline’s TP Welded Party and any low pressure distribution system.

  • Generation Business means the licensed business (if any) of the Licenseeand any affiliate or related undertaking of the Licensee in the generation of electricity or the provision of Ancillary Services;

  • CTU or Central Transmission Utility means the Central Transmission Utility as defined in sub-section (10) of Section 2 of the Electricity Act 2003;

  • Certified business means a business verified as a minority- or women-owned business enterprise pursuant to Section 314 of the Executive Law.

  • Eligible next Michigan business means that term as defined in section 3 of the Michigan economic growth authority act, 1995 PA 24, MCL 207.803.

  • Transmission Services the services provided by the Transmission Provider(s) to the Distributor;

  • Specified Business means a business of a kind prescribed by the regulations to be a specified business; tenant, in relation to a lease, means the person who, under the lease, is or would be entitled to occupy the premises the subject of the lease; Tribunal means the State Administrative Tribunal;

  • State Transmission Utility or “STU” shall mean the Board or the Government company notified by the respective State Government under Sub-section (1) of Section 39 of the Act;

  • Authorized business means 1 of the following: