Claude,
(snip)
Do the Market Makers fall under the classification of Money
> > Transmitters?
>
> Yes. You can also put them under categories such as "Money
> Services Business", "Exchange brokers" or "Exchange operators".
(end snip)
Hate to stick my nose into your conversation...but...
Gaithmans Gold Nation, Inc. is NOT, I repeat, NOT a Money Transmitter.
We are a Money Services Business which is engaged in the "buying and selling
of Stored Value" ONLY. We do not accept, cash, redeem or sell checks, money
orders, or Travelers Cheques. We do not maintain multiple offices or
"franchises". We also do not have Agents. (Theses are the classic
characteristics of a Money Transmitter as defined by the Federal Department
of Treasure and the Financial Crimes Enforcement Network of the U.S. Gov)
Please be VERY careful in issuing such statements about being a Money
Transmitter. In the USA, M.T.'s are regulated as heavily as banks are
(think Western Union) and have their own mountain of regulations (including
license, bonding, and insuring requirements in some States) which must be
adhered to. For those of you Money Transmitters out there...did you know
you were REQUIRED to register with the U.S. Federal Department of Treasury
by 12/31/01? IF you failed to do so, you will be facing a $5 K per day
civil penalty according to Patrice Motz, head of the F.C.E.N., arm of the
Fed. Depart. of Treasury.
While I cannot speak for other Market Makers in the USA, I CAN and WILL
publicly state that Gaithmans Gold Nation, Inc. is NOT a Money Transmitter.
We are a "Buyer and Seller of Stored Value".
Thanks,
Eric Gaither, President
Gaithmans Gold Nation, Inc.
(317) 788-8580 Voice
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