The Licensing Authority in charge of the Alaska Money Transmitter License (ALMTL) is called the Division of Banking and Securities.
What are the requirements to apply for an Alaska Money Transmitter License?
In order to obtain an Alaska Money Transmitter License, the following documents are required:
- Business License/Entity Registration in Alaska
- Authorized Agents (Delegates) locations
- List of foreign agents
- Certificate of Authority/ Good standing
- Audited financial statements in GAAP prepared by a CPA, for the last two years. The current financial statement for the most recent quarter ended
- Business Plan
- BSL/AMA Policy
- Details of Money Service Business licenses held or applied in other states
- Management Chart and Organisational Chart showing ownership percentage
- Company Formation documents
- Registration with FinCEN as a Money Services Business
- Surety bonds
- The documentation required will vary from applicant to applicant.
What is the process for obtaining an Alaska Money Transmitter License?
The application has to be made to the Division of Banking and Securities. Documents have to be mailed along with complete application forms and affidavits. Important requirements: 1) Signatures at all required places; 2) Required filing fee, and 3) All enclosures and financial statements as stated in the form. Applications are normally processed within 120 days.
ALMTL Applications can also be made directly offline with the Division of Banking and Securities, Alaska. Alaska provides a special feature called “Limited License Agreement Orders” for virtual currencies. The Limited License Agreement is an agreement between the Department of Commerce, Community, and Economic Development, Division of Banking and Securities (“Division”) and a licensee or applicant who requests approval of a license to provide transmission of virtual currency or does business that incorporates virtual currency in addition to the “traditional” money transmission of fiat currency.
How much does it cost to obtain an Alaska Money Transmitter License?
The application Fee costs $500, while the Fee for an additional location is $100 (per location). Licensing Fee costs $500 and the Fee for additional locations is $50 (per location). The renewal fee is $500. Net worth should not be less than $25,000 in accordance with GAAP, while the Surety Bond is $25,000 plus $5000 for every location (including internet, web portals, branches, and delegate locations), not to exceed $500,000, furnished by a surety company authorized to conduct business in Alaska. Legal Fees vary between 5,000.00- $10,000.
The license is issued for a period of one year and must be renewed annually. Alaska requires compliance with OFAC and the US Patriot Act.
Empire Global has a team of experienced professionals who will assist you through the entire process of the Alaska Money Transmitter License application including assistance in the preparation of documents, submission of application, and responding to any queries. We request you to get in touch with Empire Global at the earliest to understand the entire process in detail and apply for an Alaska Money Transmitter License.