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 the process of obtaining the 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. A 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.

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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 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 fees, 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 the 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 costs $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.

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Department of Insurance, Securities and Banking is the Licensing Authority for DC Money Transmitter License (DCMTL). To apply for a DCMTL, 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 DC Money Transmitter License?

Several documents are required for obtaining a DC Money Transmitter License:

  • Authorized Agents (Delegates) locations
  • Resident/ Registered Agent Details
  • Bank Account details
  • Certificate of Registration issued by the District Department of Consumer and Regulatory Affairs
  • Audited financial statements for the last two years and the most recent financial statement. The financial statement should show a net worth of $100,000 per licensed location and a net worth of $50,000 for every additional location. Maximum Net worth required $500,000.
  • Business Plan
  • The flow of Funds structure
  • AML compliance program
  • Document samples
  • Previous Money Transmission Activity in the District of Columbia
  • 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 DC Money Transmitter License?

Application has to be made to the Department of Insurance, Securities and Banking. 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.

Decisions on licenses are normally made within 120 days.

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

Costs that should be taken into consideration are Total License fee for NMLS Application ($500 plus $25 for every additional location. Not to exceed $2500), Renewal Fee ($500 plus $25 for every additional location. Not to exceed $2500). Net worth should be $100,000 per licensed location and a net worth of $50,000 for every additional location. The maximum Net worth required is $500,000.

When it comes to Surety Bond there is a cost of $50,000 initially plus $10,000 per additional location, a maximum $250,000 furnished by a surety company authorized to conduct business in DC. Legal Fees vary between $8,000 and 12,000 USD.

The license is issued for a period of one year and expires on the 31st of December. Licenses must be renewed before 3 months of expiry on the 31st of December.

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

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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 reports, personal documents, and financial statements. 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 does it cost to obtain the New York Virtual Currency License?

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 a 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.

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Licensing Authority in charge of issuing a Vermont Money Transmitter License (VTMTL) is the Department of Financial Regulation.

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

Following documents are needed for obtaining a Vermont Money Transmitter License:

  • Vermont Secretary of State Registration
  • The credit report for control persons
  • FBI Criminal Background Check for MU2 Individual
  • Authorized Agents (Delegates) locations
  • Resident/ Registered Agent Details
  • Primary Contact Employees
  • Non-primary Contact employees
  • Bank Account details
  • List of Direct Owners/ Executive Officers/ Indirect Owners
  • Qualifying individual
  • Credit Report
  • Certificate of Authority/ Good standing
  • Company Staffing and internal policies including Financial Privacy Policy
  • Trust Account authorization
  • Credit Report explanations for any MU2 individual does not or has not resided in the US for at least 5 years
  • Audited financial statements in GAAP prepared by a CPA, dated within 90 days of your fiscal year-end for the last two years. The financial statement should show a net worth of $100,000 at all times. If the applicant is a start-up company, only an initial statement of the condition is required.
  • Business Plan
  • AML/ BSA Policy with an independent review
  • Document samples
  • Management Chart and Organisational Chart showing ownership percentage
  • Company Formation documents
  • Tax- Certification for Company
  • Registration with FinCEN as a Money Services Business
  • Surety bonds

The documentation required will vary from applicant to applicant. Moreover, some special requirements could apply. It means that only persons located in Vermont can act as an authorized delegate on behalf of a Vermont licensed Money Servicer. To engage in money transmission, an authorized delegate that does not have a location in Vermont must either (1) qualify for one of the exclusions outlined in 8 V.S.A. § 2501 or (2) obtain a Vermont Money Transmitter license in its name.

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

To apply for a VTMTL, 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.

The application has to be made to the Department of Financial Regulation in Vermont. 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. Decisions on licenses are normally made within 60 days.

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

Several costs will apply when obtaining a VTMTL: registration fee of $500, application fee $1000 and a license fee of $25 for each authorized delegate location. Additional costs are FBI Criminal Background Check ($36.25 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). Cap on UAAR Fee at $ 25,000. Annual Renewal Fee cost $500, while the license fee is $25 for each authorized delegate location (not to exceed $3500 in total).

Net worth should be at least $100,000 by GAAP, while Surety Bond should be $100,000 initially plus $10,000 per additional location (maximum $500,000 furnished by a surety company authorized to conduct business in Vermont). Legal Fees vary between $8,000 and $12,000.

The license is issued for one year and expires on 31 December. Licenses must be renewed before the 1st of December.

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

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In New York, there is no business related to money transmitting operation without a license. Such a license is issued by the New York Department of Financial Services. It is very hard to get a Money Transmitter license in New York. The process requires a lot of paperwork as well as professional and business qualifications on a high level.

What are the requirements for a New York Money Transmitter License?

Everyone who wants to apply for a Money Transmitter license in New York has to prepare a long list of required documents. From 2017, the procedure is conducted via the Nationwide Multistate Licensing System and Registry (NMLS), but the New York Department of Financial Services is still the license issuing body. New York Money Transmitter License (NYMTL) application process is starting with Company Form (MU1). According to NMLS, license requirements for money transmitters are found primarily in Article 13-B of the New York Banking Law (BL) and the regulations thereunder.

Important documents required for application are:

  • Credit Report for persons
  • Audited financial statements of the last two years (in GAAP)
  • Agent Locations
  • Bank Account details which will be used for the business
  • Information about a Chief compliance officer
  • Anti- Money laundering program
  • Organizational Documents such as Company registration
  • Business Plan with details of Marketing strategies/Products/Target markets
  • Certificate of Authority/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
  • Permissible investments maintained by company and affidavit to maintain permissible investments
  • Information regarding control persons residing in foreign jurisdictions
  • FinCEN registration, confirming registration as a Money Services Business
  • New York state requires applicants to obtain a surety bond before they can get licensed.

The required documentation will vary from applicant to applicant and you may need to provide extra documents for each control person.

What is the process of obtaining the Money Transmitter license in New York?

All required documents must be uploaded to the Document Uploads section of the Company Form (MU1) in NMLS. It is recommended to follow Document Upload Descriptions and Examples. Certain documents have to be mailed. Signatures are needed at all required places as well as fingerprints for Control Individuals and Compliance Officer. The Application will then be processed by the New York Department of Financial Services. No time limit is provided for processing. The state may reject your application if you have not met certain prerequisites before submission.

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

The New York money transmitter license cost is $3,000, which is the amount of the application fee. The credit report for control persons is $15 per each control person. Uniform Authorized Agent Reporting Annual Processing Fee (UAAR Fee): 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. Bonding requirements for a New York Money Transmitter License are determined by the superintendent, the minimum requirement is $500,000. The annual license fee has to be paid every year as determined by the regulator. Uniform Authorized Agent Reporting Annual procedure must be completed. Legal fees vary between $80,000-$120,000 (All NY Licenses).

Empire Global has a team of experienced professionals who will assist you through the entire process of the New York Money Transmitter License application including assistance in the preparation of documents, submission of application and responding to any queries from the New York Department of Financial Services. 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 Money Transmitter License.

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The Money Transmitter License in Florida is issued by the Division of Finance of the Office of Financial Regulation. With a license, any entity will get the right to transmit currency, monetary value, and payment instruments. Allowed methods to use are wire, facsimile, electronic transfer, courier, and internet. The purpose of the license is to ensure that the licensees meet the requirements for engaging in such operations. The name of the License is Money Transmitters Part II.

What are the requirements for obtaining the Florida Money Transmitter License?

To obtain the Florida Money Transmitter license, every entity has to go under the process of preparing a lot of documents required for the application. Among them, the main are as follows:

  • Personal contact information
  • Legal business name, Office address and phone number
  • IRS Employee Identification Number (FEID); for sole proprietors – SSN
  • Financial details, stability, and overall suitability
  • Certificate of good standing
  • Employment history for the past 5 years for each officer, director, responsible person, the compliance officer, each controlling shareholder
  • The applicant’s history of operations in other states if applicable and a description of the money services business
  • A description of the organizational structure
  • Anti-Money laundering policy
  • Extensive background check and criminal conviction
  • FinCEN registration

Applicants are subjected to Minimum Net Worth, Annual Audited Financial Statements and Surety Bond requirements under Chapter 560.209, Florida Statutes.

What is the process of obtaining the Money Transmitter License in Florida?

To apply for a license as a money services business the applicant must apply to the Office, fingerprints electronically submitted to the Department of Law Enforcement. The applicant is required to register for an online account and submit an application for licensure via the Office of Financial Regulation’s Online Services. If the applicant meets the qualifications and requirements, the Office shall issue a license to the applicant. A license may not be issued for more than 2 years. Furthermore, the Office may reject your application if you have not met certain prerequisites before submission.

How Much does it cost to obtain a Money Transmitter license in Florida?

The cost of Money Transmitter license in Florida is $375 for the Part II applicants (Money Transmitters and Payment Instrument Issuers) and $188 for the Part III applicants (Check Cashers and/or Foreign Currency Exchangers). If you have already been approved for Part II, you don’t have to cover the fees for operating under Part III. Fee per branch office is $38, and for each location of an authorized vendor also $38.
A surety bond or alternative device is required. The minimum amount is $50,000, which can increase to $2 million depending on the value of transmissions. It is calculated as 2% of total projected transmissions during the first year.

License renewal fees: Part II cost $750, per branch office $38, for each location of an authorized vendor $38.
The annual license fee has to be paid every year. Quarterly and Annual Financial audited statements have to be submitted every year.

Renewal fees for branch offices and authorized vendors are limited to $20,000 biennially. Money Transmitters are required to maintain a federal registration as a Money Services Business (MSB) and comply with federal record-keeping and reporting requirements. Legal Fee varies between $5,000.00- $10,000.

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

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California Department of Business Oversight (DBO) is the licensing authority/regulatory body when it comes to obtaining California Money Transmitter License. Nationwide Multistate Licensing System and Registry (NMLS) handles the process of applying for this license. Even though it’s not easy to obtain a California Money Transmitter License, it’s not impossible.

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

For obtaining a California Money Transmitter License, the following documents are needed:

  • Company form MU1 (this is the main application form)
  • Individual form MU2 (this must be completed by individuals in a position of control)
  • Anti-Money Laundering (AML) / Bank Secrecy Act (BSA) policies which explain specifically how you will comply with these laws
  • A credit report for individuals in positions of control (authorized through NMLS)
  • An audited financial statement prepared by a certified public accountant (CPA) in accordance with Generally Accepted Accounting Principles (GAAP)
  • A business plan that outlines your products, target market, fee schedule, and more
  • Your company’s Certificate of Authority or Certificate of Good Standing
  • A Flow of Funds Structure that describes the different types of transactions or services you will conduct, from the beginning to the completion of the transaction
  • Document samples of the receipts for transactions and of payment instruments
  • A management chart that identifies directors, officers, and managers
  • An organizational chart that includes the percentage of ownership of direct and indirect owners, and subsidiaries and affiliates
  • A California money transmitter bond
  • FDIC 3064-0006 – Interagency Biographical and Financial Report Form
  • FDIC 3064-0006 – Department of Business Oversight Supplemental Instructions (Rev.05-17) (PDF)
  • DBO 2 – Personal Financial Statement (Rev.01-19) (PDF)
  • DBO 3 – Confidential Resume (Rev.01-19) (PDF)
  • DBO 525
  • Money Transmitter Call Report Form For Licensees That Are ON the NMLS (Rev.04-19) (Excel)
  • DBO 550 – Emergency Contact Person Information (Rev.05-17) (PDF)
  • DBO 2110 – Application for a License to Engage in the Money Transmission Business (Rev. 01-19) (PDF)
  • Registration with FinCEN as a Money Services Business
  • Surety bonds

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

Application has to be made to the Department of Business Oversight (DBO) and it should include: 1) Signatures at all required places; 2) Required Application fee; 3) Submission of fingerprints of “all responsible persons”; 4) All enclosures and financial statements as stated in the form.

The processing time takes on average 6-12 months for California.

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

In order to obtain a California Money Transmitter License, one should consider a License Application Fee of $5,000. When it comes to net worth, an applicant shall possess, and a licensee shall maintain at all times, tangible shareholder’s equity of two hundred fifty thousand dollars ($250,000) to five hundred thousand dollars ($500,000), depending on estimated or actual transaction volume, as determined by the commissioner based on the factors described in the subdivision.

Surety Bond can be of a minimum of $250,000 and a maximum of $7,000,000. Those selling or issuing payment instruments or stored value must get a bond in an amount of $500,000 or in an amount equal to 50% of their average outstanding payment instrument and stored value obligations in California, whichever is greater. The maximum amount of this bond shall not exceed $2,000,000.

Additionally, those receiving money for transmission must get a bond in an amount greater than their average daily outstanding obligations for money received for transmission, with the minimum bond amount being $250,000, and the maximum $7,000,000. Applicants pay around 0.75% – 10% of the total bond amount. Please note that a high-risk surety bond will typically range between 2.5%-10% of the total bond amount.

The annual license fee has to be paid every year as mentioned above. Licensees must file audit reports with the commissioner within 90 days after the end of their fiscal year. Legal Fees varies between $35,000 and $100,000.

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

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Texas is known as a popular business destination in the US. Under the Texas statute, an entity may not conduct money transmission for people located in Texas or receive money or monetary value for transmission by any means, without obtaining a Money Transmitter License. A money services business that conducts money transmission activities as defined by Chapter 151 of the Texas Finance Code is licensed by the Texas Department of Banking. To apply for a Money Services Business license, you must file an application with the Texas Department of Banking.

To apply for a Money Transmission License, you must fill a License Request via NMLS and submit all other forms, schedules, exhibits, and attachments listed in the NMLS TX-DOB Money Transmission License New Application Checklist. According to the Texas Department of Banking, beginning July 17, 2017, new applicants for a Money Transmission License must apply via NMLS a web-based system where companies can maintain a single record which they use to apply for, maintain, and surrender license authorities in one or more states.

What are the requirements for Money Transmitter License in Texas?

In order to apply for the Texas Money Services Business License (MSB), the following documents are required:

  • Fulfilling the criteria about financial stability and background check for the controlling shareholders, applicant and responsible applicants
  • The financial statement must show a net worth of at least $500,000 for a Money Transmission License
  • Extensive background checks on the applicant and its principals
  • Detailed Business Plan
  • Audited Financial Systems
  • Interim financial statement
  • Certificate of Good Standing
  • Organizational documents such as Company registration
  • Certification of Regulatory Compliance
  • Among them is posting a Texas money transmitter surety bond. The bond amount should be between $300,000 and $2 million

There are special requirements for virtual currencies such as:

  • Compliance with instructions under Texas Department of Banking’s Supervisory Memorandum – 1037 issued on April 3, 2014
  • Third-party security audit of their relevant computer systems
    Additional license required is registration with FinCEN as a Money Services Business. The documentation required will vary from applicant to applicant.

What is the process of obtaining the Money Transmitter License?

  • To apply for a Money Services Business license, you must submit an application with the Texas Department of Banking.
  • To apply for a Money Transmission License, you must file a License Request via NMLS
  • Application has to be paid to the Texas Department of Banking with signatures at all required places and notarization of signatures
  • Required filing fee
  • The Application must be fully completed and all of the required information must be provided.
  • The Application will then be processed by the Texas Department of Banking. No time limit is provided for processing.

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

The filing fee is $5,000 for a currency exchange license or $10,000 for a money transmission license. The filing fee is non-refundable. A filing fee must be submitted at the same time you submit your application, otherwise, your application will be returned. Department may charge investigations fees for processing applications that take longer than normal or where an onsite investigation is necessary. Renewal license fee has to be paid every year. Licenses have no expiry date unless revoked. Legal fees vary from $5,000.00 to $10,000.

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

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