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.