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.

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Any entity in Mississippi 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 Mississippi Money Transmission License (MIMTL). The regulatory body for issuing a license is a Mississippi Department of Banking and Consumer Finance.

What are the requirements to apply for the Mississippi Money Transmitter License?

Important documents required for application are:

  • Certificate of Authority/ Good standing
  • Registered Agent
  • Registration with the Mississippi Secretary of State as required by law
  • Primary Contact employees
  • Two recent audited financial statements prepared by CPA in accordance with GAAP within 90 days of your fiscal year-end. The financial statement must illustrate a company net worth of $25,000 plus $15000 for every additional location. If the applicant is a start-up company, only an initial statement of the condition is required.
  • Fingerprint cards for each direct owner with at least 10% of the voting or outstanding shares of the corporation (except publicly traded companies) and executive officers with significant oversight duties of the business.
  • Business Plan
  • Company Formation documents
  • Document samples
  • Authorized Agents Locations

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

To apply for a MIMTL,  the applicant has 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. The license is issued for a period of one year and has to be renewed annually.

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

License Fee is $750. Investigation Fee costs $50. An annual fee of $0.25 for each active authorized agent/delegate location reported through NMLS is invoiced on November 1st. There is no fee for the first 100 active agents reported. Cap on UAAR Fee at $25,000. Renewal Fee is $400 plus $50 for every agent location. Not to exceed $1000. The net worth minimum is $25,000 plus $15000 for every additional location. Maximum: $250,000. Surety Bond minimum is $25,000 to a maximum of $500,000 as desired by Commissioner. In lieu of a corporate Surety Bond, an applicant may provide proof of a government bond or CD equal to the required amount. 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 Mississippi 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 the Mississippi Money Transmitter License.

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Any entity in Iowa, 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 Iowa Money Transmission License (IOMTL). The regulatory body for issuing a license is a Division of Banking, State of Iowa.

What are the requirements to apply for the Iowa Money Transmitter License?

Important documents required for application are:

  • Certificate of Authority/ Good standing
  • Registered Agent
  • Non-Law Enforcement Record Check Request – Form A” for each director and officer of a corporation
  • Primary Contact employees
  • Two recent audited financial statements prepared by CPA in accordance with GAAP within 90 days of your fiscal year-end. The financial statement must illustrate a company’s net worth of $100,000. If the applicant is a start-up company, only an initial statement of the condition is required.
  • Unconsolidated financial statements for the current fiscal year, whether audited or not
  • Business Plan
  • Company Formation documents
  • Document samples
  • Management Chart and Organizational Chart showing ownership percentage
  • Authorized Agents Locations
  • Registration with FinCEN as a Money Services Business
  • Surety bond

The documentation will vary from applicant to applicant.

What is the process for obtaining Iowa Money Transmitter License?

To apply for an IOMTL,  the applicant has 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. License is issued for a period of one year and has to be renewed every year on expiry in December.

How much does it cost to obtain Iowa Money Transmitter License?

Registration Fee is $500 plus $10 for every agent location. Not to exceed $5000. Application Fee is$1000 (Non-refundable). Non-Law Enforcement Record Check Request – Form A” for each director and officer of a corporation: $15. An annual fee of $0.25 for each active authorized agent/delegate location reported through NMLS is invoiced on November 1st. There is no fee for the first 100 active agents reported. Cap on UAAR Fee at $ 25,000. Renewal Fee is $500 plus $10 for every agent location. Not to exceed $5000. The net worth minimum is $100,000 plus $10,000 per authorized delegate not to exceed $500,000.

Surety Bond is a minimum $50,000 plus $ 10000 for every location to be furnished by a surety company authorized to conduct business in Iowa. If an applicant has no locations in this state, the superintendent has set the bond amount at $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 Iowa 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 the Iowa Money Transmitter License.

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No person in Puerto Rico 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 Puerto Rico Money Transmitter License (PRMTL) is the Commissioner of Financial Institutions.

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

Important documents required for application are:

  • Certificate of Authority/ Good standing
  • Registered Agent
  • Primary Contact employees
  • Qualifying individual
  • Credit report
  • Audited financial statements prepared by CPA by GAAP within 90 days of your fiscal year-end. The financial statement must illustrate a company’s net worth of $500,000.
  • Business Plan
  • Company Formation documents
  • AML/ BSA Policy with an independent review
  • Management Chart and Organizational Chart showing ownership percentage
  • Authorized Agents Locations

The documentation will vary from applicant to applicant.

What is the process for obtaining a Puerto Rico Transmitter License?

To apply for a PRMTL, the applicant has to 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. The license is issued for one year and has to be renewed according to the Renewal notice issued by the Commissioner of Financial Institutions. The license is issued for one year and has to be renewed every year in December.

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

Application Fee is $2500, Credit report Fee for each individual: $15. An annual fee of $0.25 for each active authorized agent/delegate location reported through NMLS is invoiced on November 1st. There is no fee for the first 100 active agents reported (Companies with 100 agents or less are not subject to the UAAR Processing Fee). Cap on UAAR Fee at $25,000. Additional License Fee (per agent): $100 per year before June 30 & $50 after June 30. Net worth is not less than $500,000 calculated according to GAAP. Surety Bond is a minimum $500,000 plus $10000 for every location to be furnished by a surety company authorized to conduct business in Puerto Rico. 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 Puerto Rico 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 Puerto Rico Money Transmitter License.

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In Connecticut, 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 Connecticut Money Transmitter License (COCMTL) is the Connecticut Department of Banking.

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

Important documents and fees are:

  • Identifying information
  • Business web address
  • Certificate of Authority
  • Bank Account details
  • Information about qualifying an individual
  • Agent List and information compiled in an excel spreadsheet
  • Agent locations
  • Audited financial statements for most recent fiscal year
  • Business Plan
  • Document Samples
  • Company Formation documents
  • The flow of Funds structure
  • AML/ BSA Policy
  • Management Chart and Organizational Chart showing ownership percentage
  • Registration with FinCEN as a Money Services Business
  • Surety bond

The documentation varies from applicant to applicant.

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

The whole process of obtaining the license is known as difficult. To apply for a COCMTL, the applicant has to 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. The license is issued for a period of one year and has to be renewed every year. Special requirement for Virtual currencies requires a disclosure form filed and submitted.

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

Application Fee is $1,875 ($1,250 licensing fee and $625. Net worth at least $100,000. Surety Bond for applicants who will be or might be engaged in the business of transmitting virtual currency, the bond required shall be in a principal sum as determined by the Commissioner and shall be calculated reasonably to address the current and prospective volatility of the market. 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 Connecticut  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 Connecticut Money Transmitter License.

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Oklahoma Money Transmitter License (OKMTL) 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 Oklahoma State Banking Department.

What are the requirements to apply for an Oklahoma Money Transmitter License?

Important documents required for an Oklahoma Money Transmitter License:

  • FBI Criminal Background Check
  • Audited financial statements prepared by CPA in accordance with GAAP within 90 days of your fiscal year-end for the last two years
  • Business Plan
  • Certificate of Qualification from Oklahoma Secretary of State
  • Document Samples
  • Good Standing Certificate from Oklahoma Secretary of State and from applicant’s state of incorporation
  • Letter from Department of Treasury “IRS”, Detroit Computing Centre (no more than 24 months old)
  • Sample form of contract that applicant will use with authorized delegates
  • List of names and work history of applicant’s directors and managers
  • List of all other states in which the applicant is licensed
  • AML Program with an independent review
  • AML/ BSA Policy and Procedures with an independent review
  • Management Chart and Organizational Chart showing ownership percentage
  • 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 Oklahoma Money Transmitter License?

To apply for an OKMTL, the applicant has to first 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. The license is issued for a period of one year and has to be renewed every year.

How much does it cost to obtain an Oklahoma Money Transmitter License?

Application Fee is $3000 (Non-refundable), License Fee is $2000 (Non-refundable), Delegate Fee: $50 per delegate. NMLS Processing Fee is $100, FBI Criminal Background Check $36.26 per person, Fee to be paid to Oklahoma Bureau of Narcotics: $50 per individual with “Authority to Collect and Release Information”. Renewal Fee costs $2000 (Non-refundable), Delegate Fee: $50 per delegate, Minimum net worth is $275,000 for 1 to 50 locations; $500,000 for 51 to 300 locations, $1,500,000 for 301 to 800 locations, or $3,000,000 for over 800 locations. Surety Bond is $200,000 for any licensee providing money transmission services primarily through electronic means pursuant to Title 6 Okla. Stat. Section 201 et seq.

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

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The Oregon Money Transmitter License (OMTL) is issued by the  Oregon Division of Financial Regulation. In Oregon, no person shall engage in the business of money transmission, receiving and transmitting money within the U.S. or abroad, without a license.

What are the requirements to apply for an Oregon Money Transmitter License?

In order to obtain an Oregon Money Transmitter License, the following documents are required:

  • Credit report
  • Credit report explanations
  • State Background Check Authorization
  • Audited financial statements prepared by CPA in accordance with GAAP within 90 days of your fiscal year-end. The financial statement must illustrate a company net worth of $100,000 plus $25,000 for each location in Oregon not to exceed a maximum of $500,000
  • Business Plan
  • Document Samples
  • Good Standing Certificate
  • AML/ BSA Policy with an independent review
  • The flow of funds structure
  • Management Chart and Organizational Chart showing ownership percentage
  • Permissible investments with the company
  • Company Formation Documents
  • Authorized Agent information

The documentation required will vary from applicant to applicant.

What is the process for obtaining an Oregon Money Transmitter License?

After preparing all documents, the application has to be made to the Nationwide Multistate Licensing System and Registry (NMLS).  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. License is issued for a period of one year and has to be renewed every year on expiry.

How much does it cost to obtain an Oregon Money Transmitter License?

Application Fee License Fee is$ 1100 (Non-refundable), NMLS processing fee: $100 (Exempted for 2017) Credit report Fee for each individual is $15. An annual fee of $0.25 for each active authorized agent/delegate location reported through NMLS is invoiced on November 1st. There is no fee for the first 100 active agents reported (Companies with 100 agents or less are not subject to the UAAR Processing Fee). Cap on UAAR Fee at $ 25,000. Renewal Fee is $500. Minimum Net Worth is $100,000 plus $25,000 for each location in Oregon not to exceed a maximum of $500,000. Oregon money transmitters must provide a $25,000 bond plus a $5,000 bond for each additional location, not amounting to more than $150,000. 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 Oregon 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 Oregon Money Transmitter License.

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Any entity in Kentucky 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 Kentucky Money Transmitter License. The regulatory body for issuing a license is a Kentucky Money Transmitters License (KMTL) and the regulatory body is Department of Financial Institutions, Kentucky.

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

In order to get licensed in Kentucky, documents for domestic organizations will vary. Required documents are:

  • Bank Account Details
  • Qualifying individual details
  • A credit check and report
  • FBI Criminal Background check
  • Audited financial statements prepared by CPA in accordance with GAAP for last year. To include projected financial performance for the next 2 years.
  • Earnings explanation
  • Business Plan
  • Document Samples
  • Good Standing Certificate
  • AML Program
  • A list identifying all States or Countries where Applicant is licensed to conduct money transmission
  • Management Chart and Organizational Chart showing ownership percentage
  • Company Formation Documents
  • Authorized Agent information
  • Registration with FinCEN as a Money Services Business
  • Surety bond

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

To apply for a KMTL, 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. The license is issued for a period of one year and has to be renewed every year. The license is issued for a period of one year and has to be renewed every year before 31 December.

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

Initial License Fee is $1100 (Non-refundable), Credit report Fee for each individual is $15. License Renewal Fee is$500, NMLS processing fee: $100. The net worth minimum is $500,000 calculated according to GAAP. Surety Bond minimum is $500,000 to a maximum of $5,000,000 furnished by a surety company authorized to conduct business in Kentucky. Legal feed varies between $8,000-$12,000.

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

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In Louisiana, 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 Louisiana Money Transmitter License (LMTL) is the Office of Financial institutions, Louisiana.

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

Important documents required for the Application are:

  • List of direct owners (Individuals with 10% or more ownership)
  • List of individuals with more than 25% shareholding (indirect owners)
  • Direct and indirect owners to authorize FBI for a CBC
  • Bank account details
  • Louisiana Certificate of authority
  • Management Chart and Organizational Chart showing ownership percentage
  • List of states where the license is held
  • Audited financial statements for the last 3 years and year in which application is submitted certified to be correct by an owner, principal, officer, or director. The financial statement must show a net worth of $100,000.
  • Business Plan
  • Authorized Agent Locations
  • Notarized application affidavit (form provided in NMLS)
  • Document Samples
  • Certificate of company resolution authorizing the signing of documents on behalf of the applicant.
  • Company Formation Documents
  • Registration with FinCEN as a Money Services Business
  • Surety bond

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

To apply for an LMTL, the applicant must first register with the Nationwide Multistate Licensing System and Registry (NMLS).  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 one year and must be renewed before 31 December. Licenses are valid from 1st January to 31st of December.

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

Initial License Fee is $800 (Non-refundable) plus $25 for each additional location. Maximum License Fee: cost $5200.  FBI Criminal Background Check is $36.26 per person. Renewal Fee is $600 plus $25 for each additional location. Total renewal fee not to exceed $6000.The minimum Net Worth is $100,000.

Surety Bond from $25,000 to $500,000 submitted by a surety company authorized to conduct business in Louisiana. 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 Louisiana 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 Louisiana Money Transmitter License.

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The Money Transmitter licensing is regulated on a state level and requirements can differ across states. Each state follows its own unique licensing process but the general steps a new license applicant must go through are very similar. The Alabama statute says that every, person, firm, company or corporation that wants to engage in business or to sell, issue or receive money, must get a license. The person may not engage in the business of money transmission or advertise, solicit, or hold itself out as providing money transmission unless it is licensed. A license for Money Transmitter in Alabama (ABMTL) is issued by Alabama Securities Commission (ASC) under the  Alabama Monetary Transmission Act, Code of Alabama 1975, § 8-7a-1.

What are Alabama Money Transmitter license requirements?

The basic requirements which have to be fulfilled by an applicant are as follows:

  • Legal name, business address, e-mail address
  • Office location
  • Criminal record of the applicant within 10 years
  • Description of the money transfer business within Alabama and other states
  • Details of other business activities previously provided by the applicant
  • Name and address of bank account used for deposit and transmission
  • Copy of the applicant’s audited financial statements for the most recent fiscal year
  • Management Chart and Organizational Chart showing ownership percentage
  • Documents detailing officers’, managing partners’, and principals’ experience with operating money transmitters
  • Documents outlining procedures for receiving money, confirming receipt, safeguarding money, and transmitting money to its designated location
  • You need to obtain a surety bond to protect the public. Minimum bond fee is $100,000 or the average daily outstanding obligations for money received for transmission in Alabama plus 50 percent of the average daily outstanding payment instrument and stored value obligations in Alabama, whichever is greater.

What is the process for obtaining an Alabama Money Transmitter License?

After preparing all the required documents and obtaining a security bond, the next step is to apply for a license. Alabama has adopted an electronic document management system, though certain documents may still need to be filed via regular mail service. Be sure to follow the instructions provided by the licensing regulator.

How much does it cost to obtain an Alabama Money Transmitter License?

To obtain (and maintain) the license, the State requires an application, a $500 fee, and annual renewals. Additional Licenses required registration with FinCEN as a Money Services Business. Once the required information has been submitted, your application will be reviewed by the state. The State may reject your application if you have not met requirements. Upon approval, the license will be sent to the address.

License is issued for a period of one year and expires on the 31st of March every year. Application for renewal has to be filed before the 15th of March. The renewal license shall become immediately effective upon the expiration of the current license if the licensee has submitted the renewal fee pursuant to subsection and the required reports pursuant to subsection to the Commission.

If your application is completed correctly and you have provided all the necessary information, you will be issued your money transmitter license shortly. 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 Alabama Money Transmitter process application, including assistance in the preparation of documents, submission of application and responding to any queries from the Commission. We request you to get in touch with Empire Global at the earliest to understand the entire process in detail and apply for an Alabama Money Transmitter License. Our company offers exclusive crypto money transmitter bond programs, which will allow you to obtain these bonds in any state that requires them.

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