All entities that are either selling or issuing payment instruments within or outside the United States should obtain a Money Transmitter License. Money transmission includes a wide range of activities (including wire, facsimile, electronic transfer, etc.). Nebraska Department of Banking and Finance is the Licensing Authority in charge of issuing Nebraska Money Transmitter License (NBMTL). To apply for an NBMTL, 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 Nebraska Money Transmitter License?
Following documents are required:
- Certificate of Authority/ Good standing
- Registered Agent
- Authorized delegate contact
- Bank Account information
- AML/BSA Policy
- Audited financial statements prepared by CPA by GAAP within 90 days of your fiscal year-end for the last 3 years. If the applicant does not have financial statements for 3 years, the Department has to be contacted for additional instructions
- Permissible Investment Worksheet (New Applicant)
- Individual financial statements of all individuals holding more than 10% share in the applicant
- Copy of filings with the United States Securities and Exchange Commission during the past 1 year
- Business Plan
- Management Chart and Organizational Chart showing ownership percentage
- Company Formation documents
- Authorized Agents Locations
- Registration with FinCEN as a Money Services Business
- Surety bonds
The required documentation can vary from applicant to applicant.
What is the process for obtaining a Nebraska Money Transmitter License?
As mentioned, the application has to be made to the Nebraska Department of Banking and Finance 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. The license is issued for one year and has to be renewed annually before the 31st of December.
How much does it cost to obtain a Nebraska Money Transmitter License?
License Fee costs $1000, while the Renewal Fee is $250. The minimum Net worth of $50,000 is required according to GAAP. Surety Bond should be a minimum $ 100,000 plus $5000 for every location to be furnished by a surety company authorized to conduct business in Nebraska. The maximum bond amount required is $250,000. Legal Fees vary between $8,000 and $12,000.
Empire Global has a team of experienced professionals who will assist you through the entire process of Nebraska 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 Nebraska Money Transmitter License.