The Licensing Authority in charge of the South Dakota Money Transmitter License (SDMTL) is called the South Dakota Department of Labour and Regulation. To apply for an SDMTL, 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 a South Dakota Money Transmitter License?

To obtain a South Dakota Money Transmitter License, the following documents are required:

• Authorized Agents (Delegates) locations
• Resident/ Registered Agent Details
• Bank Account details
• Certificate of Authority/ Good standing
• FBI Criminal background check
• Credit report
• Background investigation
• Information about filings with US SEC/ similar regulator within last 1 year
• Trust account authorization
• Audited financial statements for the last two years and a current financial statement prepared for the licensee, dated no more than 90 days from the date of this application. The financial statement should show a net worth of $100,000 at all times
• List of permissible investments
• Company staffing and internal policies
• Registration to do business in South Dakota
• Business Plan
• AML/ BSA policy with an independent review
• Document samples
• 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 a South Dakota Money Transmitter License?

The application has to be made to the South Dakota Department of Labour and Regulation 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. No time limit is provided for the processing of the application.

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

The total License fee for NMLS Application costs $1600, while the Renewal Fee is $800. Net worth should not be less than $100,000 by GAAP. Surety Bond should be $ 100,000 furnished by a surety company authorized to conduct business in South Dakota. Director may increase the amount to $500,000. Legal Fees vary between $8,000 and $12,000.

The license is issued for one year and expires on the 31st of December. Forms for renewal are available between 1st November to 31st December.

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

South Dakota Money Transmitter License

Everyone who wishes to obtain a Maine Money Transmitter (MAMTL) License has to consult the Licensing Authority – Department of Professional and Financial Regulation. To apply for a MAMTL, you have to first register with the Nationwide Multistate Licensing System and Registry (NMLS). In NMLS, you will have to complete a Company Account Request Form and identify a Primary Account Administrator and a Secondary Account Administrator.

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

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

• Authorized Agents (Delegates) locations
• Resident/ Registered Agent Details
• Bank Account details
• Criminal background check
• Credit check
• Certificate of Authority/ Good standing
• Trust account authorization
• Audited financial statements- most recent
• Most recent unaudited interim financial statements prepared for the licensee dated no more than 120 days from the date of this application.
• List of permissible investments
• Authorized delegate arrangement
• Business Plan
• Business volume containing information on the total dollar amount of the licensee’s outstanding instruments and transmissions in Maine and in the U.S.A. a) as the date of the most recent audited financial statement, and b) as of the date of the interim financial statement
• Document samples
• Management Chart and Organizational Chart showing ownership percentage
• Company Formation documents
• Registration with FinCEN as a Money Services Business
• Surety bonds

Nevertheless, it is important to note that the required documentation can vary from applicant to applicant.

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

After preparing all the documents, the application has to be made to the Department of Professional and Financial Regulation 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 applications are processed within 120 days.

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

When applying, it’s important to take into consideration several fees. The application fee costs $500, while the Registration fee is $50 for each authorized delegate designated by a licensee (up to a maximum of $2,500 for authorized delegates). Renewal Fee costs $250 (for every additional delegate an amount of $50 should be paid, while the maximum amount cannot exceed $2500). Legal fees for an annual renewal are up to $3, 250, 00. Legal Fees vary between $8,000 and 12,000 USD.

Net worth should not be less than $100,000 and an additional $50,000 for each authorized delegate, up to a maximum of $500,000. Surety Bond should be $100,000 furnished by a surety company authorized to conduct business in Maine. The license is issued for a period of one year and expires on December 31st. It has to be renewed annually before September 30th.

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

Maine Money Transmitter License

New Hampshire Banking Department is the Licensing Authority when it comes to issuing and obtaining a New Hampshire Money Transmitter License (NHMTL). To apply for an NHMTL, you have to first register with the Nationwide Multistate Licensing System and Registry (NMLS). In NMLS, you will have to complete a Company Account Request Form and identify a Primary Account Administrator and a Secondary Account Administrator.

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

The following documents are to be submitted to the Licensing Authority. Please note that the required documents can vary from applicant to applicant.

• Resident/ Registered Agent Details
• Certificate of Authority/ Good standing
• Company staffing and internal policies
• Primary Contact Employees
• FBI Background check for all direct owners/executive owners and indirect owners of 25% or more ownership
• Non-primary contact employees
• Credit Report for all persons in a position of control
• Audited financial statements prepared by CPA in accordance with GAAP. If audited financials are 6 months or older, provide a current Balance Sheet, Income Statement, Statement of Cash Flows and all relevant notes. The interim financial statements need not be audited but must be attested to by an officer of the company
• AML/ BSA policy
• Business Plan
• Document samples
• Management Chart and Organisational Chart showing ownership percentage
• Company Formation documents
• Registration with FinCEN as a Money Services Business
• Surety bonds

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

The application has to be made to the New Hampshire Banking Department 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; 3) All enclosures and financial statements as stated in the form, and 4) NH Schedule A & B. The applications are processed within 120 days. License is issued for a period of one year and expires on 31 December and it has to be renewed annually. However, New Hampshire is seeking to exempt Virtual Currencies from MT licensing soon.

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

License Registration Fee is $ 500 and for every additional location amount of $25 (maximum amount cannot exceed $5,000). Additional costs to be considered are FBI Criminal Background Check ($36.26 per person), Credit report Fee for each individual ($15), Renewal Fee ($500 and for every additional location $25, without exceeding the amount of $5,000).

Net worth should be less of its average daily outstanding money transmissions for the prior calendar year or $1,000,000. Surety Bond is $ 100,000 furnished by a surety company authorized to conduct business in New Hampshire. The bond must be signed by three people as provided in the Checklist. Legal Fees vary between $8,000 and 12,000.

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

New Hampshire Money Transmitter License

West Virginia Division of Financial Institutions is the Licensing Authority in charge of West Virginia Currency Exchange, Transportation or Transmission License (WVMTL). To apply for a WVMTL, 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 a West Virginia Money Transmitter License?

To obtain a West Virginia Money Transmitter License, the following documents are required:

• WV Secretary of State registration of another trade name
• Secretary of State (or similar state agency in the home state) documentation to be uploaded under Certificate of Authority/ Good standing
• Business Registration
• Credit Report
• Contact Individuals – Examination and Compliance
• Release Form – For criminal and credit investigations: Must be provided for each submitting fingerprint cards or authorizing a credit report through NMLS
• FBI Criminal Background Check of direct and indirect owners holding more than 10% share and executive officers
• Bank Account information
• Audited financial statements prepared by CPA in accordance with GAAP within 90 days of your fiscal year-end for the last 1 year
• Business Plan
• Management Chart and Organizational Chart showing ownership percentage
• Company Formation documents
• Authorized Agents Locations
• Registration with FinCEN as a Money Services Business
• Surety bonds

However, the required documentation can vary from applicant to applicant.

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

As mentioned, the application has to be made to the West Virginia Division of Financial Institutions 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 applications are processed within 120 days. The license is issued for one year and has to be renewed annually before the 31st of December.

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

Registration Fee is $1000 plus $20 for each location (maximum amount is $25,000).  Other costs include FBI Criminal Background Check ($36.26 per person), Credit report Fee for each individual ($15), NMLS Processing Fee ($100). Renewal Fee is $250, plus $5 for each location, plus an assessment of up to $.001 for every dollar of transmission services provided in the prior year (maximum amount is $25,000).

The minimum tangible Net worth of $ 50,000 is required according to GAAP with a minimum tangible net worth of $ 25,000 for every agent location. Total net worth cannot exceed $1 million.

Surety Bond should be $300,000 plus $5000 for every location to be furnished by a surety company authorized to conduct business in West Virginia. The bond required shall be increased at the time of license renewal by one percent of the annual volume of business the licensee conducts in this state exceeding $10 million rounded to the nearest thousand, as reported by the licensee. Additionally, a Deposit Bond may be used from certain institutions upon approval by the West Virginia Division of Financial Institutions. Legal Fees vary between $8,000 and $12,000.

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

West Virginia Currency Exchange, Transportation or Transmission License

State Bank Commissioner of Kansas is the Licensing Authority in charge of the Kansas Money Transmitter License (KMTL). To apply for a KMTL, 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 a Kansas Money Transmitter License?

Following documents are required:

• Certificate of Authority/ Good standing
• Registered Agent
• Primary Contact employees
• Bank Account information
• List of officers/ directors
• Business in Kansas information
• List of Control person
• AML/BSA Policy with an independent review
• 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, a bank statement is required
• Credit Report of individuals in a position of control
• Business Plan
• Management Chart and Organizational Chart showing ownership percentage
• Company Formation documents
• List of permissible instruments
• Authorized Agents Locations
• Non-USA residents – Background Check
• Registration with FinCEN as a Money Services Business
• Surety bonds

The required documentation will vary from applicant to applicant.

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

After preparing all documents, the application has to be made to the State Bank Commissioner of Kansas 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.

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

In the process of obtaining a Kansas Money Transmitter License, several costs should be taken into consideration. Such are: Application Fee of $1750 (Non-refundable), Out of state Agent Applications ($100), FBI Criminal Background Check ($36.26 per person), 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). Minimum License Renewal Fee is $1000, while the maximum Renewal Fee (in-state licensees) is $4000. The maximum License Renewal Fee (out of state licensees) is $20,000. The tangible net worth of $250,000 as shown by audited financial statements at all times. Surety Bond should be a minimum of $200,000. Legal Fees vary between $8,000 and $12,000.

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

Kansas Money Transmitter License