Do aggregators have to be approved and if so, how long does that take?
Yes, aggregators have to be approved. They would go through the same due diligence as a correspondent tie-up would and they too would need to sign a correspondent tie-up contract with the Principal License Holder. The approval times depend on the complexity of the tie-up and the organizational setup of the payout partner (banks are much slower than money transfer operators). Assume it would take 1-3 months.