NMTA Activities


Holding Informational Conferences

The NMTA promotes a greater awareness of laws and regulations that affect the industry. To further that objective, the NMTA regularly hosts a Forum where money transmitters and regulators, law enforcement and banks come together to discuss relevant issues of the day. These conferences explore the changing requirements the Bank Secrecy Act imposes on money transmitters and their compliance programs, any new federal regulations enacted by the Financial Crimes Enforcement Network (“FinCEN”), the effect of new laws on the industry, and how to cultivate better relationships with banks and regulators. The meetings have received very positive feedback from all attendees.

Meeting with Legislators, Regulators and Law Enforcement

In an effort to ensure that legislation and regulations properly reflect the realities of the money transmission industry, the NMTA holds meetings with those who oversee money transmitter activities and write the laws. We have met with members of the US Senate, the US Congress, federal banking regulators, legislators and banking department officials of various states and other trade groups representing banks and money services businesses in the United States and abroad. The NMTA proudly served on FinCEN’s BSA Advisory Group between 2007 and 2010. Our efforts have yielded a more accurate public perception, understanding and appreciation of the services money transmitters provide.

Establishment of “Best Practice” Principles for Money Transmitters

The NMTA has taken advantage of the accumulated wealth of experience our members provide. We have combined that expertise with the wisdom imparted by the regulators, law enforcement representatives and banks with whom we have exchanged ideas. It is the aim of the NMTA to provide the framework to develop a viable compliance infrastructure for money transmitters. Beyond compliance standards, we must provide Best Practices that will assure excellence, fairness and transparency to the communities we serve.

Dissemination of Information Impacting Money Transmitters

The links the NMTA has established with government officials allow the NMTA to receive official notices of legislative and regulatory issues that affect our members. Through the NMTA website and the NMTA Bulletin we offer a centralized route for information on laws, industry news, legislation and initiatives that affect our members. The NMTA helps to streamline the transfer of information within the industry, and between the industry and other sectors. In effect, the NMTA has become a vital clearinghouse of money transmitter-related information.