In Arizona, no person shall engage in the business of money transmission, receiving and transmitting money within the U.S. or abroad, without a license. If additional business locations are located under control of a licensee, rather than authorized delegates, a separate “branch license” must be obtained. The regulatory body which issues Arizona Money Transmitter License (AMTL) is the Arizona Department of Financial Institutions (AZDFI).
What are the requirements to apply for an Arizona Money Transmitter License?
In order to obtain an Arizona Money Transmitter License, the following documents are required:
- Master Business License
- Copy of applicant’s operations policies and procedures manual
- Copy of applicant’s AML/BSA Compliance Manual
- Copy of applicant’s AML/BSA Risk Assessment
- Copy of applicant’s AML/BSA Independent Review
- Biographical statement in the provided form
- Business Plan with a) Executive Summary; b) Company Description; c) Organization & Management; d) Service or Product Line; e) Marketing & Sales; f) Financial Projections
- Identification statement
- Background check for individual owners with more than 15% share
- Current Original Bound Audited financial statements prepared by CPA.
- Current balance statement certified by the applicant if the audited statement is more than 3 months old.
- Company Formation details
- Registration with FinCEN as a Money Services Business
- Surety bond
The documentation required will vary from applicant to applicant.
What is the process for obtaining an Arizona Money Transmitter License?
To apply for an AMTL, the applicant must register with the Nationwide Multistate Licensing System and Registry (NMLS). In NMLS, the applicant has to complete a Company Account Request Form and identify a Primary Account Administrator and a Secondary Account Administrator. Documents have to be uploaded on the NMLS website and certain documents have to be mailed. Along with documents, must be included: signatures at all required places, notarized application form, and signatures, required a filing fee. The license is issued for a period of one year from 1 November to 31 October next year and has to be renewed annually.
How much does it cost to obtain an Arizona Money Transmitter License?
License Fee is $ 1500 (Non-refundable), and each Branch office $500. Authorized delegate application is a $25 fee for every location. The cost for the license renewal is $500 plus a $25 fee for every branch office and agent location. Required Net worth a minimum of $100,000 to be maintained at all times. An additional net worth of $50,000 for each location or agent located in this state to a maximum of $500,000. Surety Bond is from a minimum of $10,000 to a maximum of $550,000 dependent on previous 12-months’ Money Transmission and Payment Instrument dollar volume. Legal Fees vary between $8,000-$12,000.
Empire Global has a team of experienced professionals who will assist you through the entire process of Arizona 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 Arizona Money Transmitter License.