FinCEN apparently has a broader definition of a money services business than the state of
Minnesota. From the former:
(uu) Money services business. Each
agent, agency, branch, or office within
the United States of any person doing
business, whether or not on a regular
basis or as an organized business concern,
in one or more of the capacities
listed in paragraphs (uu)(1) through
(uu)(6) of this section. Notwithstanding
the preceding sentence, the term
‘‘money services business’’ shall not include
a bank, nor shall it include a person
registered with, and regulated or
examined by, the Securities and Exchange
Commission or the Commodity
Futures Trading Commission.
(1) Currency dealer or exchanger. A
currency dealer or exchanger (other
than a person who does not exchange
currency in an amount greater than
$1,000 in currency or monetary or other
instruments for any person on any day
in one or more transactions).
(2) Check casher. A person engaged in
the business of a check casher (other
than a person who does not cash checks
in an amount greater than $1,000 in
currency or monetary or other instruments
for any person on any day in one
or more transactions).
(3) Issuer of traveler’s checks, money orders,
or stored value. An issuer of traveler’s
checks, money orders, or, stored
value (other than a person who does
not issue such checks or money orders
or stored value in an amount greater
than $1,000 in currency or monetary or
other instruments to any person on
any day in one or more transactions).
(4) Seller or redeemer of traveler’s
checks, money orders, or stored value. A
<15>seller or redeemer of traveler’s checks,
money orders, or stored value (other
than a person who does not sell such
checks or money orders or stored value
in an amount greater than $1,000 in
currency or monetary or other instruments
to or redeem such instruments
for an amount greater than $1,000 in
currency or monetary or other instruments
from, any person on any day in
one or more transactions).
(5) Money transmitter—(i) In general.
Money transmitter:
(A) Any person, whether or not licensed
or required to be licensed, who
engages as a business in accepting currency,
or funds denominated in currency,
and transmits 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 one
or more Federal Reserve Banks, the
Board of Governors of the Federal Reserve
System, or both, or an electronic
funds transfer network; or
(B) Any other person engaged as a
business in the transfer of funds.
(ii) Facts and circumstances; Limitation.
Whether a person ‘‘engages as a
business’’ in the activities described in
paragraph (uu)(5)(i) of this section is a
matter of facts and circumstances.
Generally, the acceptance and transmission
of funds as an integral part of
the execution and settlement of a
transaction other than the funds transmission
itself (for example, in connection
with a bona fide sale of securities
or other property), will not cause a person
to be a money transmitter within
the meaning of paragraph (uu)(5)(i) of
this section.
(6) United States Postal Service. The
United States Postal Service, except
with respect to the sale of postage or
philatelic products.
From the latter:
The Minnesota Department of Commerce licenses and regulates individuals and businesses that cash checks, transmit money, own and operate ATMs, and provide electronic funds transfers.
The MN license is $4k. Didn't see a price on the FinCEN one.
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