Licensing Authority for issuing Arkansas Money Transmitter License (ARMTL) is the Arkansas Securities Department. Arkansas Licenses can be applied directly through paper forms or NMLS. To apply for an IDMTL, you have to first register with the Nationwide Multistate Licensing System and Registry (NMLS). In NMLS, you will have to first complete a Company Account Request Form and identify a Primary Account Administrator and a Secondary Account Administrator.
What are the requirements to apply for the Arkansas Money Transmitter License?
The following documents should be submitted to the Licensing Authority:
- Certificate of Authority/ Good standing
- Registered Agent
- Primary Contact employees
- Bank Account information
- Qualifying individual
- Control person
- AML/BSA Policy
- Non-primary contact employees
- Audited financial statements prepared by CPA by GAAP within 90 days of your fiscal year-end for the last 2 years. The financial statement must illustrate a company’s net worth of $250,000. If the applicant is a start-up company, only an initial statement of the condition is required.
- Certificate of Resolution naming the individual authorized to sign official documents on behalf of the applicant
- Company Staffing and Internal Policies.
- Business Plan
- Management Chart and Organizational Chart showing ownership percentage
- The flow of funds structure
- Company Formation documents
- Document samples
- List of permissible instruments
- Authorized Agents Locations
- Registration with FinCEN as a Money Services Business
- Surety bonds
What is the process for obtaining an Arkansas Money Transmitter License?
The application has to be made to the Idaho Department of Finance by NMLS. Documents have to be uploaded on the NMLS website and certain documents have to be mailed. Important requirements are 1) Signatures at all required places; 2) Required filing fee, and 3) All enclosures and financial statements as stated in the form. The license is issued for one year and has to be renewed annually before 1st December.
How much does it cost to obtain Arkansas Money Transmitter License?
License Fee is $750. Application Fee: $1500, Renewal Fee: $750. The minimum Net worth of $250,000 according to GAAP. A minimum surety bond is $50,000 plus $ 10000 for every location to be furnished by a surety company authorized to conduct business in Arkansas. The maximum bond amount required is $300,000. 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 Arkansas 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 Arkansas Money Transmitter License.