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 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 $25 fee for every location. Cost for the license renewal is $500 plus $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 varies 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.

Washington Money Transmitter License (WMTL) is required for those who are receiving money or its equivalent value to transmit, deliver, or instruct to be delivered the money or its equivalent value to another location, inside or outside the U.S. Licensing Authority is Department of Financial Institutions, Washington.

What are the requirements to apply for a Washington Money Transmitter License?

Important documents required for Washington Money Transmitter License:

  • Master Business License
  • Registration with Washington Secretary of State
  • Credit Report for persons
  • FBI Criminal Background Check
  • Bank Account Details
  • List of Qualifying individuals
  • Audited financial statements of prior 2 years in accordance with GAAP, current financial statement and 2 years projected financial statement
  • Authorization for Background checks
  • Business Plan
  • Management Chart and Organizational Chart showing ownership percentage
  • Anti- Money Laundering Policy
  • List of countries from where the applicant will be transmitting money to & from
  • Assessment tracking
  • 12 Month’s Money Transmissions
  • Third Party Investigatory Background Checks for any person not resident in the USA for at least 5 years
  • Company Formation Documents
  • Authorized Agent Locations
  • 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 a Washington Money Transmitter License?

To apply for a WMTL, the applicant has 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. Documents have to be uploaded on the NMLS website and certain documents have to be mailed. License is issued for a period of one year and has to be renewed every year.

How much does it cost to obtain a Washington Money Transmitter License?

The License Fee is $1000 (Non-refundable), a Credit report is$ 15 per person, FBI Background Check $36.26 per person. The renewal fee is ranging from a minimum of $1,000 to a maximum of $100,000, based upon the volume of business. The $1,000 minimum is required even if no business was conducted. Net worth is $10,000 for every $1 million of money transmission. The minimum tangible net worth is $10,000, the maximum is $3,000,000. General bonding requirements are based on the previous year’s transmission dollar volume and range from $10,000 to $550,000. Legal Fee varies between $8,000-$12,000.

Empire Global has a team of experienced professionals who will assist you through the entire process of Washington 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 a Washington Money Transmitter License.

Any entity who are selling money orders or engaging in the business of money transmission, whether or not they are physically located in Virginia, must obtain a money transmitter license. Licensing Authority is State Corporation Commission, Virginia Bureau of Financial Institutions.

It is not so difficult to obtain a Virginia Money Transmitter License (VIMTL). The application can be made directly offline with the State Corporation Commission.

What are the requirements to apply for a Virginia Money Transmitter License?

Important documents required for Application are:

  • Authorized Agents (Delegates) locations
  • Certificate of Authority/ Good standing
  • Audited financial statements in GAAP prepared by a CPA. If the applicant is a new entity, provide an audited start-up balance sheet and provide a pro-forma balance sheet and income statement projecting the applicant’s financial position one year after commencing Virginia business. If the applicant is an operating company, provide the most recent audited financial report. Operating companies must also provide their most recent in-house month-end balance sheet and year-to-date income statement
  • Business Plan
  • BSL/AMA compliance review
  • Document samples
  • Properly executed, current (less than 90 days old) Personal Financial Report and Disclosure Statement form for each director, senior officer, member (holds more than 5% share), principal (holds more than 5% share directly or indirectly), outside director (a person who is not a paid employee of the applicant or its parent and who does not own 10% or more of the stock of the applicant or its parent) in Original.
  • Criminal History Records Check for members, senior officers, directors, and principals and fingerprint card
  • Members, senior officers, directors, and principals who have resided outside of the United States at any time within the previous 10 years must provide an investigative background report
  • Authorization form(s) CCB-1149 for a reference from a bank or depository institution with which the applicant or its principals, members, partners, or trustees have had a deposit account for at least one year
  • List of countries where funds will be transmitted and received from
  • Management Chart and Organizational Chart showing ownership percentage
  • Company Formation documents
  • Registration with FinCEN as a Money Services Business.

The documentation required will vary from applicant to applicant.

What is the process for obtaining a Virginia Money Transmitter License?

The applications require the filing of supplemental forms. Applicants should carefully review all related laws and regulations governing money transmitters prior to submitting an application. The application can be downloaded online from the State Corporation Commission. Documents have to be mailed along with complete application forms and affidavits. License is issued for a period of one year and must be renewed annually.

How much does it cost to obtain a Virginia Money Transmitter License?

Application Fee is $1000 while renewal Fee is$750. Net worth must be not less than $200,000 but not more than $1 million required in accordance with GAAP. Surety Bond $ 25,000 but not to exceed $500,000. Legal Fee varies between $8,000-$12,000.

Empire Global has a team of experienced professionals who will assist you through the entire process of Virginia 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 a Virginia Money Transmitter License.

In New Jersey, no person shall engage in the business of money transmission, receiving and transmitting money within the U.S. or abroad, without a license. The regulatory body which issues New Jersey Money Transmitter License (NJMTL) is the Department of Banking and Insurance.

What are the requirements to apply for a New Jersey Money Transmitter License?

In order to obtain a New Jersey Money Transmitter License, the following documents are required:

  • Certificate of Incorporation. Foreign (out-of-state) entities must attach a copy of the Certificate of Authority to do Business in New Jersey bearing the dated filing stamp of the Treasurer of the State of New Jersey.
  • Personal certification completed by all officers, directors, substantial stockholders (10% or more), members, partners or owners.
  • A financial statement demonstrating a net worth
  • Audited financial statements for the past two years prepared by a CPA
  • Copies of filings with SEC
  • Personal information of all key shareholder, executive officer, partner, owner, and each officer or manager to be in charge of applicant’s activities to be licensed in New Jersey.
  • List of the foreign countries to which money is to be transmitted.
  • Banking Information
  • Corporate structure
  • Description of business activities
  • Books and records locations (Agreement for maintenance of records at an out of state location)
  • Photo ID and photographs
  • Anti- Money Laundering Policy
  • Business Plan
  • Samples of documents and forms which will be used by the business for customers
  • Management Chart and Organizational Chart showing ownership percentage
  • Registration with FinCEN as a Money Services Business
  • Surety bonds

The required documentation could vary from applicant to applicant.

What is the process for obtaining a New Jersey Money Transmitter License?

After preparing all documents, the application has to be made to the Department of Banking and Insurance, New Jersey. It is important to include signatures at all required places (notarized), completion of electronic fingerprinting process, required a filing fee and all enclosures and financial statements as stated in the form. Licenses are normally processed within 120 days. License is issued for a period of two years and has to be renewed.

How much does it cost to obtain a New Jersey Money Transmitter License?

Application Fee is $700 (non-refundable) while Net worth is minimum of $100,000 plus an additional $25,000 per agent up to a maximum of $1,000,000. Bonding requirements in New Jersey range between $100,000 and $1,000,000 and is determined on a case by case basis. The fees for license renewal cannot exceed $4000. Legal Fee varies between $8,000-$12,000.

Empire Global has a team of experienced professionals who will assist you through the entire process of New Jersey 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 a New Jersey Money Transmitter License.

In North Carolina, no person shall engage in the business of money transmission in this State without a license. The Licensing Authority is North Carolina Office of the Commissioner of Banks (NCCOB). The name license is NC Money Transmitter License (NCMTL). Additional license required is registration with FinCEN as a Money Services Business.

What are requirements to apply for a North Carolina Money Transmitter License?

In order to get licensed in North Carolina applicant whose business model includes the transmission of virtual currency, must schedule a meeting with the Non-Depository Division money transmitter staff prior to filing for a license. Required documents are:

  • Credit Report for control persons
  • FBI Criminal Background Check
  • Bank Account Details
  • Authorization for Background checks
  • Audited financial statements in GAAP prepared by a CPA, dated within 90 days of your fiscal year end for the immediately preceding 2-year period
  • Agent locations
  • Bank Account details
  • Primary Contact employees
  • Company Formation Documents
  • Anti- Money Laundering/ Bank Secrecy Act Policy
  • Business Plan
  • Internal policies
  • Certificate of Good Standing
  • Samples of documents and forms which will be used by the business for customers
  • The flow of funds structure
  • Management Chart and Organizational Chart showing ownership percentage
  • List of permissible investments
  • Information Technology Questionnaire
  • Electronic surety bonds (ESB)

What is the process for obtaining a North Carolina Money Transmitter License?

To apply for an NCMTL, you have to register with the Nationwide Multistate Licensing System and Registry (NMLS). Application has to be made to the North Carolina Office of the Commissioner of Banks through NMLS. Documents must be uploaded to the Document Uploads section of the Company Form (MU1) in NMLS with Signatures at all required places, required a filing fee and all enclosures and financial statements as stated in the form. Failure to submit any required documents within 30 days of a request by the Commissioner will be considered an abandonment of the application.

How much does it cost to obtain a North Carolina Money Transmitter License?

Application Fee is $1500 (Non-refundable and not transferable), a Credit report is $15 per person, FBI Background Check cost $36.25 per person. Surety Bond Minimum $150,000 executed by a surety company authorized to conduct business in North Carolina. Maximum surety, which can be required, is $ 250,000. Net worth must be minimum of $250,000 and Legal Fees Varies between $8,000-$12,000.

Empire Global has a team of experienced professionals who will assist you through the entire process of North Carolina 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 a North Carolina Money Transmitter License.

Any entity in Georgia, who wants to send or receive money transmissions or transmitting money within the United States or to locations abroad, must obtain a money transmitter license. The name of the license is Georgia Seller of Payment Instruments License (GSPIL). The regulatory body for issuing a license is a Georgia Department of Banking and Finance.

What are requirements to apply for a Georgia Seller of Payment Instruments License?

In order to get licensed in Georgia, documents for domestic organizations will vary, while out of state applicants should obtain a Certificate of Authority from the Georgia Secretary of State showing that the foreign entity is registered to do business in the state of Georgia. Required documents are:

  • Submission of Company Form (MU1)
  • Copy of Certificate of Authority to do business in Georgia; a copy of the business license from city or county where the business is located
  • Location of books and records
  • Website URL
  • Credit Report for persons
  • FBI Criminal Background Check
  • Bank Account Details
  • Authorization for Background checks
  • Audited financial statements in GAAP prepared by a CPA, dated within 90 days of your fiscal year end.
  • Company Formation Documents
  • Photo ID
  • Verification of Lawful presence within the United States
  • Authorized Agent Locations
  • Anti- Money Laundering Policy
  • Business Plan
  • Certificate of Good Standing
  • Samples of documents and forms which will be used by the business for customers
  • Management Chart and Organisational Chart showing ownership percentage
  • Company Tax Certification
  • Registration with FinCEN as a Money Services Business
  • Electronic surety bond

What is the process for obtaining a Georgia Seller of Payment Instruments License?

To apply for a GSPIL, you have to register with the Nationwide Multistate Licensing System and Registry (NMLS). To obtain this license, the State requires an application submitted to NMLS including paying the application and licensing fees. All requirements must be met PRIOR to submission of the application. If an application for licensure is approved, the applicant will receive an e-mail from the Department with instructions on retrieving their license certificate. License is issued for a period of one year and has to be renewed every year.

How much does it cost to obtain a Georgia Seller of Payment Instruments License?

The cost is $2,000 application fee + $250 investigation fee. Renewal Fee is $2000. Surety Bond is a minimum of $250,000 executed by a surety company authorized to conduct business in Georgia. A maximum surety which can be required is $2,000,000. Plus, $5,000 for each additional location, amounting to no more than $250,000. Legal Fees varies between $8,000- $12,000.

Empire Global has a team of experienced professionals who will assist you through the entire process of Georgia Seller of Payment Instruments 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 a Georgia Seller of Payment Instruments.


The Licensing Authority is in charge of Alaska Money Transmitter License (ALMTL) is called 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. 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?

    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?

    Application Fee costs $500, while the Fee for additional location is $100 (per location). Licensing Fee costs $500 and the Fee for additional location is $50 (per location). 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.

Ohio Division of Financial Institutions is the licensing authority for obtaining an Ohio Money Transmitter License. According to Nationwide Multistate Licensing System and Registry (NMLS) any person, regardless of the location of that person, its facilities, or its agents, who receives directly or indirectly and by any means, money or its equivalent for transmission from a person located in this state is required to have this license. (Ohio Revised Code Section 1315.02.) Additional license required is registration with FinCEN as a Money Services Business.

What are the requirements for obtaining an Ohio Money Transmitter License?

Applicants seeking to obtain a money transmitter license may be required to provide the following documents:

  • Registration with the Ohio Secretary of State
  • Company Formation Documents
  • List of directors, executive officers, controlling persons
  • List of major shareholders
  • Business plan
  • Management chart
  • Audited financial statements- prior fiscal year. If the applicant is a newly formed entity, provide documentation supporting the method and source of capitalization (identify the sources of funding for the business).
  • Interim financial statements
  • Bank account information
  • Anti- Money Laundering Program and Independent Review
  • Resume of a compliance officer
  • AML monitoring system
  • OFAC screening processes
  • Criminal Background checks for US and Non-US Citizens
  • Electronic Surety Bond (ESB)

What is a process of obtaining Ohio Money Transmitter License?

Application has to be made to the Division of Financial Institutions, Ohio Department of Commerce. Important requirements:

  • Signatures at all required places
  • Required filing fee
  • All enclosures and financial statements as stated in the form

After accepting an application for a money transmitter license described in section 1315.03 of the Revised Code No the superintendent of financial institutions shall examine all the facts and circumstances relating to the application. Time limit is provided for processing. The License has to be renewed every year before 1st July.

How much does it cost to obtain an Ohio Money Transmitters License?

Application Fee is $5,000 (Non-refundable). Net worth is at least $500,000. Surety Bond must be at least $300,000 by a company authorized to conduct surety business in Ohio. Maximum amount is $2,000,000. Legal Fees varies Between $5,000.00- $10,000.

Empire Global has a team of experienced professionals who will assist you through the entire process of Ohio 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 Ohio Money Transmitter License.

Any entity engaging in the business of transmitting money in Pennsylvania must obtain a money transmitter license. Pennsylvania Department of Banking and Securities (The Money Transmitter Act 129) is the regulatory body for issuing Money Transmission Business License (PMTBL). Before starting a process of licensing, a minimum tangible net worth of $500,000 is required.

What are the requirements for obtaining a Pennsylvania Money Transmission Business License?

To apply for a PMBTL, you have to first register with the Nationwide Multistate Licensing System and Registry (NMLS) under Document uploads section of the Company Form (MU1). You will have to first complete a Company account request form and identify a Primary Account Administrator and a Secondary Account Administrator.

The following documents are required in order to obtain a license:

  • Credit Report for persons
  • Pennsylvania State Police criminal history and background check
  • FBI Criminal background check
  • Audited financial statements of the last three years
  • Interim financial statement
  • Authorized agent locations
  • Agent Review and Training
  • Books and Record locations
  • Anti- Money Laundering/ Bank Secrecy Act Policy
  • Organizational Documents such as company registration docs and articles of the company
  • Detailed Business plan
  • Certificate of Good standing
  • The flow of Funds structure
  • Management Chart and Organizational chart showing ownership percentage
  • Company Tax certification
  • Bank references and insurance references
  • Third party Background Check for persons who have resided in Foreign Jurisdictions
  • Company surety bond

While some documents are filled outside of NMLS they must be mailed to NMLS within 5 days of the electronic submission.

What is the process of obtaining a Pennsylvania Money Transmission Business License?

After uploading the Application to the Pennsylvania Department of Banking and Securities through NMLS, and mailing certain documents, you are in the process of getting a license. Other important requirements are Signatures at all required places, filing fee, all enclosures and financial statements as stated in the form, and registration with FinCEN. No time limit is provided for processing. License is issued for a maximum period of 14 months and then it has to be renewed by payment of renewal and furnishing of the bond of the same amount as the first year.

How much does it cost to obtain a Pennsylvania Money Transmitters License?

Application Fee costs $5,000 (Non-refundable), and Credit control report costs $15 per person. The Pennsylvania State Police criminal history background check is $22.00 for each request. Renewal Fee is $5000.Surety Bond cost $1,000,000 executed by a surety company authorized to conduct business in the Commonwealth of Pennsylvania. Legal Fee varies between $8,000-12,000.

Empire Global has a team of experienced professionals who will assist you through the entire process of Pennsylvania Money Transmission Business 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 Pennsylvania Money Transmission Business License.

The New York State Department of Financial Services (DFS) – (23 NYCRR Part 200 Virtual Currencies) is issuing body for the New York Virtual Currency License. The procedure is conducted via the Nationwide Multistate Licensing System and Registry (NMLS). To access NMLS for the first time, you must complete a Company account request form and identify a primary and secondary Account Administrator. There is a lot of paperwork and required documents in order to get a Virtual Currency license. The whole process of obtaining the license is very difficult and rigorous.

What are the requirements for obtaining a New York Virtual Currency License?

  • Application with biographical information of all key persons
  • Financial Statements of the two most recent years prepared by a Certified Public Accountant
  • Background report of all key persons
  • Credit history Current financial statement for the applicant and all key persons
  • Banking arrangement details
  • Copies of insurance policies of the applicant
  • Details about compliance officer and compliance policy
  • Anti- Money Laundering Program
  • Organizational Documents such as company registration
  • Business Plan
  • Cybersecurity program
  • Verification from the New York State Department of Taxation and Finance that the applicant is compliant with all New York State tax obligations
  • Samples of documents and forms which will be used by the business for customers
  • The flow of Funds Structure
  • Management Chart and Organizational Chart showing ownership percentage
  • Additional affidavits as specified in the form
  • Permissible investments maintained by the company
  • Information regarding foreign Companies/ Persons
  • Registration with FinCEN as a Money Services Business

What is the process of obtaining the New York Virtual Currency License?

Completed application has to be uploaded to the Document Uploads section of the Company Form (MU1) in NMLS. Additionally, you may need to provide extra documents for each control person (Individual Form MU2), such as credit report, personal documents, and financial statement. The Application will then be processed by the Superintendent. The decision on an application will be taken in 90 days. The license is valid for two years. Renewal Fee has not been specified. Quarterly and Annual Financial audited statements have to be submitted every year.

How much Virtual Currency License cost?

Application Fee $ 5,000 (Non-refundable). Credit Report for Control Persons is $15. The capital requirement will be provided by the Superintendent. It has to be maintained in cash, virtual currency, or high-quality, highly liquid, investment-grade assets, in such proportions as are acceptable to the Superintendent. The amount of Surety bond will be provided by the Superintendent. Legal Fees vary between $80,000-$120,000.

Empire Global has a team of experienced professionals who will assist you through the entire process of New York Virtual Currency License application including assistance in the preparation of documents, submission of application and responding to any queries from the NMLS. We request you to get in touch with Empire Global at the earliest to understand the entire process in detail and apply for a New York Virtual Currency License.