Any entity in Kentucky who wants to send or receive money transmissions or transmitting money within the United States or to locations abroad must obtain a money transmitter license. The name of the license is Kentucky Money Transmitter License. The regulatory body for issuing a license is a Kentucky Money Transmitters License (KMTL) and the regulatory body is Department of Financial Institutions, Kentucky.
What are the requirements to apply for a Kentucky Money Transmitter License?
In order to get licensed in Kentucky, documents for domestic organizations will vary. Required documents are:
- Bank Account Details
- Qualifying individual details
- A credit check and report
- FBI Criminal Background check
- Audited financial statements prepared by CPA in accordance with GAAP for last year. To include projected financial performance for the next 2 years.
- Earnings explanation
- Business Plan
- Document Samples
- Good Standing Certificate
- AML Program
- A list identifying all States or Countries where Applicant is licensed to conduct money transmission
- Management Chart and Organizational Chart showing ownership percentage
- Company Formation Documents
- Authorized Agent information
- Registration with FinCEN as a Money Services Business
- Surety bond
What is the process for obtaining a Kentucky Money Transmitter License?
To apply for a KMTL, you have to register with the Nationwide Multistate Licensing System and Registry (NMLS). To obtain this license, the State requires an application submitted to NMLS including paying the application and licensing fees. All requirements must be met PRIOR to submission of the application. If an application for licensure is approved, the applicant will receive an e-mail from the Department with instructions on retrieving their license certificate. The license is issued for a period of one year and has to be renewed every year. The license is issued for a period of one year and has to be renewed every year before 31 December.
How much does it cost to obtain a Kentucky Money Transmitters License?
Initial License Fee is $1100 (Non-refundable), Credit report Fee for each individual is $15. License Renewal Fee is$500, NMLS processing fee: $100. The net worth minimum is $500,000 calculated according to GAAP. Surety Bond minimum is $500,000 to a maximum of $5,000,000 furnished by a surety company authorized to conduct business in Kentucky. Legal feed varies between $8,000-$12,000.
Empire Global has a team of experienced professionals who will assist you through the entire process of Kentucky Money Transmitters 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 Kentucky Money Transmitters License.