State Bank Commissioner of Kansas is the Licensing Authority in charge of 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 in accordance with GAAP within 90 days of your fiscal year end for the last 2 years. The financial statement must illustrate a company 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. License is issued for a period of 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. 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 minimum of $200,000. Legal Fees vary between $8,000 and 12,000 USD.
Empire Global has a team of experienced professionals who will assist you through the entire process of 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.