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Faisal Khan, LLC
Frequently Asked Questions
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Does the solution provider only allow us to conduct business in the US (as we only seek to conduct business in the US based on domestic clients and domestic transfers)?
All we need is our CEO, a compliance officer, and an office located in the EU (possible). Am I correct? Are the compliance officer + the office required to be based in the license holder’s country?
It’s mentioned that “the funds will be kept in the custodian accounts with the EMI, which has opened with particular banks”, how are we supposed to withdraw that fund to our bank account?
Do we have to hire an accounting firm in the license holder’s country?
Out of the referral fee (€ 28,000) and non-refundable application fee (€ 1,500), what is the monthly or yearly service charge from the license holder?
In summary, there are 3 ways to enter the remittance market in the US, 1) obtaining your own licenses, 2) through an agreement with a company that has the licenses to operate (this is the way we currently work), and 3) operating a digital platform where the whole process is done by the MSB, and we never touch the funds. Is this correct?
Does Faisal Khan offer compliance management? I’m not sure how this works in America, but in the United Kingdom, sometimes the license consulting company is also the Chief Compliance Officer.
Montana does not require a money transmitter license, so if I register a company there am I exempt from money transmitter licenses?
What is the difference between an agent and non-agent of an EMI in Europe/UK?