Platly powered by Finvenit

You Don't Need Your Own Money Transmitter License

Operate under Platly's MSB registration and state money transmitter licenses. We run the compliance program — AML/KYC, sanctions screening, and regulatory reporting — so you launch in weeks instead of spending years on licensing.

  • No MTL to obtain

    You operate under our MSB registration and state money transmitter licenses.

  • No state-by-state filings

    We hold the licenses and keep them current, across every state we serve.

  • Compliance program included

    AML, KYC, sanctions screening, SAR filing and independent audits.

Want the numbers? What a money transmitter license actually costs.

Enterprise-Grade Compliance

Built for regulated financial services from the ground up.

MSB Registered

Registered with FinCEN as a Money Services Business

PCI DSS Compliant

Payment Card Industry Data Security Standard certified

AML Program

Comprehensive Anti-Money Laundering program with independent audit

KYC Verification

Automated identity verification with document and biometric checks

State Licensed

Money Transmitter Licenses across required US states

SOC 2 Type II

Independent audit of security, availability, and confidentiality controls

How Our Compliance Umbrella Works

1

You Apply

We review your business and onboard you under our MSB registration and state licenses.

2

We Monitor

Every transaction is screened for sanctions, monitored for suspicious patterns, and documented for compliance.

3

We Report

SAR/CTR filing, regulatory reporting, and examination support — all handled by our compliance team.

Compliance FAQ

Do I need my own Money Transmitter License?
No. When you operate on Platly, you operate under our MSB registration and state licenses (or through our bank partner). You don't need to obtain your own MTL.
How does KYC verification work?
Platly integrates with identity verification providers like Persona. Customers upload a government-issued ID and take a selfie. The system verifies the document authenticity and performs facial matching — all automated, typically in under 60 seconds.
How do you handle sanctions screening?
Every transaction is screened in real-time against OFAC SDN, OFAC Consolidated, UN Security Council, and EU sanctions lists. Potential matches are flagged for review before the transaction is processed.
What happens if suspicious activity is detected?
Our transaction monitoring system flags unusual patterns automatically. Our compliance team reviews flags, and if warranted, files Suspicious Activity Reports (SARs) with FinCEN within the required 30-day window.
Are you PCI DSS compliant?
Yes. Platly is PCI DSS certified. All payment card data is processed, stored, and transmitted in compliance with PCI DSS standards.
How long do you retain records?
All transaction records, customer identification documents, and compliance documentation are retained for a minimum of 5 years, as required by BSA/AML regulations.
What if we get examined by regulators?
Our compliance team supports you through regulatory examinations. We provide all necessary documentation, transaction records, and compliance program details that examiners may request.
Can credit unions use Platly and stay CFPB compliant?
Yes. Platly's platform includes full CFPB Remittance Transfer Rule compliance: pre-payment disclosures, error resolution rights, 30-minute cancellation window, and digital receipts with all required information.

Ready to Launch Your Remittance Business?

Join operators who are building profitable remittance businesses with Platly. No technical expertise required.

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