New Hampshire Banking Department is the Licensing Authority when it comes to issuing and obtaining a New Hampshire Money Transmitter License (NHMTL). To apply for an NHMTL, you have to first register with the Nationwide Multistate Licensing System and Registry (NMLS). In NMLS, you will have to 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 New Hampshire Money Transmitter License?
The following documents are to be submitted to the Licensing Authority. Please note that the required documents can vary from applicant to applicant.
- Resident/ Registered Agent Details
- Certificate of Authority/ Good standing
- Company staffing and internal policies
- Primary Contact Employees
- FBI Background check for all direct owners/executive owners and indirect owners of 25% or more ownership
- Non-primary contact employees
- Credit Report for all persons in a position of control
- Audited financial statements prepared by CPA in accordance with GAAP. If audited financials are 6 months or older, provide a current Balance Sheet, Income Statement, Statement of Cash Flows, and all relevant notes. The interim financial statements need not be audited but must be attested to by an officer of the company
- AML/ BSA policy
- Business Plan
- Document samples
- Management Chart and Organisational Chart showing ownership percentage
- Company Formation documents
- Registration with FinCEN as a Money Services Business
- Surety bonds
How much does it cost to obtain a New Hampshire Money Transmitter License?
License Registration Fee is $ 500 and for every additional location amount of $25 (maximum amount cannot exceed $5,000). Additional costs to be considered are FBI Criminal Background Check ($36.26 per person), Credit report Fee for each individual ($15), Renewal Fee ($500 and for every additional location $25, without exceeding the amount of $5,000).
Net worth should be less of its average daily outstanding money transmissions for the prior calendar year or $1,000,000. Surety Bond is $ 100,000 furnished by a surety company authorized to conduct business in New Hampshire. The bond must be signed by three people as provided in the Checklist. 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 the New Hampshire 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 New Hampshire Money Transmitter License.