In Maryland, 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 Maryland Money Transmitter License (MMTL) is the Department of Labor, Licensing and Regulation, Maryland.
What are the requirements to apply for a Maryland Money Transmitter License?
In order to obtain a Maryland Money Transmitter License, the following documents are required:
- Bank Account Details
- List of individuals with more than 25% shareholding
- Qualifying individual details
- Credit report
- FBI Criminal Background check
- Unconsolidated audited financial statements prepared by CPA in accordance with GAAP within 90 days of your fiscal year-end for the last 3 years if it is not a start-up company
- Earnings explanation
- Business Plan
- Document Samples
- Good Standing Certificate
- Compliance Manual- AML, BSA, and OFAC
- Policies and Procedures
- List of countries from where the applicant will be transmitting money to & from
- Fee Schedule
- 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 Locations
- Registration with FinCEN as a Money Services Business
- Surety bond
The documentation required will vary from applicant to applicant.
What is the process for obtaining a Maryland Money Transmitter License?
To apply for an MMTL, 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. Application has to be made to the Department of Labor, Licensing and Regulation, Maryland through NMLS. Documents have to be uploaded on the NMLS website and certain documents have to be mailed. License is issued for a period of one year and has to be renewed according to the Renewal notice issued by the Department of Labor, Licensing and Regulation.
How much does it cost to obtain a Maryland Money Transmitter License?
The Initial License Fee is $2000 (Non-refundable). Investigation Fee costs $1000, NMLS processing fee is $100. Credit Report Authorization Fee is $15.00, FBI Criminal Background Check for MU2 Individual: $36.25 per person. The License Renewal Fee: is $50 per office if operating less than 4 locations or $500 for 5 office.Net worth minimum is $150,000 to Maximum of $500,000. The minimum Surety bond is $150,000 to a maximum of $1,000,000 if sought by Commissioner. 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 Maryland 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 Maryland Money Transmitter License.