“Money transmission” is the act of receiving currency or other value that substitutes for currency from one party for the purpose of sending it to another party. Under U.S. (federal) law, businesses are required to register for a money transmitter license where their activity falls within the definition of a money transmitter. Means of transmission may be electronic, Internet-based, mobile application-based, through a network of persons, or through an informal value transfer system. Federal laws covering money transmitters apply to transmissions conducted within the United States or abroad.