Licenses & Regulatory Compliance
Information about our regulatory licenses and compliance programs.
Regulatory Framework: Touswit operates as a licensed and regulated money transmitter in full compliance with federal and state laws. This page provides information about our licenses, regulatory oversight, and compliance programs.
Contents
1. Money Transmission Licenses
Touswit, Inc. operates as a licensed money transmitter in the United States. We maintain active money transmission licenses issued by state regulatory authorities where required to conduct business. Each state has specific licensing requirements including minimum net worth, surety bond requirements, and ongoing compliance obligations. Our licenses authorize us to receive money for transmission to Haiti and other approved destinations. We comply with all state-specific requirements for bonding, financial reporting, examination, and consumer protection. License information including registration numbers and issuing states is available upon request by contacting hello@touswit.com.
2. Federal Registration and Compliance
Touswit is registered with the Financial Crimes Enforcement Network (FinCEN) as a Money Services Business (MSB) under the Bank Secrecy Act. Our FinCEN registration number is available upon request. As a registered MSB, we comply with comprehensive federal regulations including: (a) Bank Secrecy Act (BSA) requirements for record-keeping and reporting; (b) USA PATRIOT Act provisions for customer identification and verification; (c) Anti-Money Laundering (AML) program requirements; (d) Suspicious Activity Report (SAR) filing obligations; (e) Currency Transaction Report (CTR) requirements for large transactions; and (f) Office of Foreign Assets Control (OFAC) sanctions screening. We maintain a comprehensive BSA/AML compliance program with dedicated compliance personnel.
3. Haiti Partnership Licenses and Oversight
Our operations in Haiti are facilitated through our partnership with Le Levier Federation, a licensed Caisse Populaire (credit union) operating under the oversight of the Haitian financial regulatory authorities. Le Levier Federation holds appropriate licenses from the Banque de la République d'Haiti (BRH) and complies with Haitian banking and financial services regulations. This partnership ensures that funds disbursed in Haiti are handled by a regulated, supervised financial institution. Le Levier Federation maintains compliance with Haitian AML/CFT regulations and undergoes regular examination by Haitian authorities. This regulatory framework on both the U.S. and Haitian sides ensures end-to-end compliance and consumer protection.
4. Consumer Protection Compliance
We comply with comprehensive consumer protection laws governing money transmission services, including: (a) Remittance Transfer Rule (Regulation E, 12 CFR Part 1005): We provide clear disclosures of fees, exchange rates, and delivery timing before each transfer; written receipts for all transactions; and error resolution procedures; (b) State consumer protection laws requiring fair business practices, advertising disclosure, and complaint handling procedures; (c) Electronic Fund Transfer Act requirements for consumer rights and protections; and (d) Truth in Lending Act provisions where applicable. We maintain accessible customer service channels for inquiries, disputes, and complaints, and respond to all consumer concerns in accordance with regulatory timelines.
5. Data Protection and Privacy Compliance
Our data protection practices comply with applicable federal and state privacy laws including: (a) Gramm-Leach-Bliley Act (GLBA) requirements for financial institutions to protect customer information; (b) California Consumer Privacy Act (CCPA) for California residents; (c) Other applicable state privacy laws; and (d) Federal data breach notification requirements. We implement appropriate administrative, technical, and physical safeguards to protect customer information from unauthorized access, use, or disclosure. Our Privacy Policy, available on our website, provides comprehensive details about our data collection, use, sharing, and protection practices. We conduct regular security assessments and maintain incident response procedures.
6. Anti-Money Laundering and Know Your Customer Programs
Touswit maintains a comprehensive AML compliance program as required by the Bank Secrecy Act and implementing regulations. Our program includes: (a) Written AML policies and procedures approved by senior management; (b) Designation of a BSA/AML Compliance Officer responsible for day-to-day compliance; (c) Customer Identification Program (CIP) verifying the identity of all customers; (d) Customer Due Diligence (CDD) procedures assessing customer risk; (e) Enhanced Due Diligence (EDD) for high-risk customers or transactions; (f) Ongoing transaction monitoring using automated systems; (g) OFAC sanctions screening of all customers and transactions; (h) Suspicious Activity Report (SAR) filing procedures; (i) Record retention systems; and (j) Regular employee training. Our program is independently tested annually.
7. Regulatory Examination and Supervision
As a licensed money transmitter, Touswit is subject to examination and supervision by multiple regulatory authorities: (a) State banking departments in states where we are licensed conduct periodic examinations of our operations, financial condition, and compliance programs; (b) Federal regulators may examine our BSA/AML compliance; (c) We submit regular financial reports, operational reports, and compliance certifications to state regulators; (d) We maintain books and records in accordance with regulatory requirements; (e) We respond to regulatory inquiries and information requests; and (f) We report material changes in our business, financial condition, or compliance status. We cooperate fully with all examinations and implement corrective actions as directed by regulators.
8. Bonding, Insurance, and Financial Requirements
We maintain comprehensive insurance coverage and financial safeguards including: (a) Surety bonds as required by each state where we are licensed, providing protection for customer funds; (b) Errors and omissions (E&O) insurance covering professional liability; (c) Cyber liability insurance protecting against data breaches and cyber incidents; (d) General liability insurance; (e) Directors and officers (D&O) insurance; (f) Minimum net worth requirements as specified by state regulations; (g) Segregation of customer funds in accordance with state safeguarding requirements; and (h) Regular financial audits by independent certified public accountants. Bond and insurance coverage limits meet or exceed state regulatory minimums.
9. OFAC and Sanctions Compliance
We maintain strict compliance with U.S. economic sanctions programs administered by the Office of Foreign Assets Control (OFAC). Our sanctions compliance program includes: (a) Screening all customers against OFAC's Specially Designated Nationals (SDN) List and other sanctions lists at account opening and periodically thereafter; (b) Real-time screening of all transactions; (c) Geographic screening to identify transactions involving sanctioned countries or regions; (d) Blocking and rejecting transactions involving sanctioned parties; (e) Filing blocking reports with OFAC as required; (f) Maintaining records of all sanctions screening activities; and (g) Regular updates to sanctions lists and screening procedures. We do not process transactions to or from sanctioned jurisdictions.
10. Changes to Licensing and Regulatory Status
We will provide notice to customers of any material changes to our licensing or regulatory status that may affect our ability to provide services. Material changes include: (a) Voluntary surrender of licenses; (b) Suspension or revocation of licenses by regulatory authorities; (c) Changes in ownership or control requiring regulatory approval; (d) Significant enforcement actions; or (e) Changes in our ability to serve specific states or jurisdictions. Customers may verify our current licensing status by contacting the relevant state banking department or by contacting us directly. We maintain transparency regarding our regulatory standing and compliance status.
11. Regulatory Information and Complaints
For information about our licenses, regulatory compliance, or to file a regulatory complaint: (a) Contact Touswit directly at hello@touswit.com or our Miami, Florida address; (b) Contact the state banking department in your state of residence; (c) Contact the Consumer Financial Protection Bureau (CFPB) at www.consumerfinance.gov or 1-855-411-2372; or (d) Contact FinCEN at www.fincen.gov. We take all compliance concerns seriously and will investigate and respond to inquiries promptly. State banking department contact information is available on the Conference of State Bank Supervisors (CSBS) website or through the Nationwide Multistate Licensing System (NMLS) Consumer Access portal.
Important Note: This Licenses page should be reviewed by qualified legal and compliance counsel before final deployment. Specific license numbers, dates, and jurisdictions should be added when available.