Dallas Lawyer for Unlicensed Money Transmitting Businesses

Dallas Attorney for Unlicensed Money Transmitting Cases

Money transmitting business and those that provide other money services are generally required to register with the Financial Crimes Enforcement Network (FinCEN). This is for the protection of everyone involved. Unlicensed money transmitting businesses can have a deleterious effect on the economy, and they may not comply with important regulations. When an unlicensed money transmitting business is identified by FinCEN, there is a strong chance that those in charge of the company will be prosecuted at the federal level. Running an unlicensed money transmitting or money services business is considered a serious offense. You could be facing years behind bars in a federal prison and all of the collateral consequences that come with a felony conviction.

Spencer & Associates is highly experienced in defending those accused of running unlicensed money transmitting businesses. We understand that you may not have realized that you were doing something illegal - many people are not aware that they must register their business with FinCEN. Having a FinCEN registered business can be complicated. There may be additional steps you need to take to comply with their regulations, which can be challenging for people running a small business. Our skilled attorney will do all he can to achieve the best possible outcome for you.

Unlicensed Money Transmitting Business Attorney in Dallas

FinCEN regulations are designed to limit the ability of those who own and operate money transmitting businesses to engage in criminal conduct or help customers who are engaging in illegal activity. Money laundering is a common type of crime that money transmitting businesses become involved in. However, there are also concerns at the federal level about the potential for unlicensed businesses to further domestic or foreign terrorism by passing money to known terrorists. Because the government's interest in preventing these types of conduct is so strong, prosecutors will not hesitate to go after unlicensed businesses.

Unlicensed money transmitting businesses can be sued in civil court or prosecuted at either the state or federal level. Operating an unlicensed money transmitting business is considered a type of white collar crime, as those prosecuted under these statutes are generally business owners.

It can be difficult for some small business owners who lack formal education or a sophisticated understanding of the financial world to determine whether they are required to register and comply with FinCEN's regulations. In general, if your business conducts currency exchanges or money transmission services - such as wire transfers - you were likely required to register.

Consequences of Unlicensed Money Transmission

The penalties for running an unlicensed money transmitting business can be severe at both the state and federal level. Often, the existence of an unlicensed money transmitting business comes to light when a secondary offense, like money laundering, is discovered. If you are charged with more than one crime, you are likely facing more serious sentencing. In most cases, you will face felony charges.

These crimes can carry years - or even decades - of prison time depending on the severity of the crime and the specific charges. You may also face asset forfeiture and lose any money or property the government believes you obtained using the profits of crime. It is important to involve a lawyer as soon as possible if you are facing charges stemming from the operation of an unlicensed money transmitting business.

Contact a Dallas Unlicensed Money Transmitting Business Attorney

Spencer & Associates is highly experienced in helping those who have been accused of running unlicensed money transmitting businesses. Our skilled white collar crime attorney is practiced in defending those facing charges related to unlicensed money transmitting, including secondary offenses. To begin with a complimentary consultation, please contact us at 214-385-8500.