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.