In New Jersey, 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 New Jersey Money Transmitter License (NJMTL) is the Department of Banking and Insurance.
What are the requirements to apply for a New Jersey Money Transmitter License?
In order to obtain a New Jersey Money Transmitter License, the following documents are required:
- Certificate of Incorporation. Foreign (out-of-state) entities must attach a copy of the Certificate of Authority to do Business in New Jersey bearing the dated filing stamp of the Treasurer of the State of New Jersey.
- Personal certification completed by all officers, directors, substantial stockholders (10% or more), members, partners or owners.
- A financial statement demonstrating a net worth
- Audited financial statements for the past two years prepared by a CPA
- Copies of filings with SEC
- Personal information of all key shareholders, executive officer, partner, owner, and each officer or manager to be in charge of applicant’s activities to be licensed in New Jersey.
- List of the foreign countries to which money is to be transmitted.
- Banking Information
- Corporate structure
- Description of business activities
- Books and records locations (Agreement for maintenance of records at an out of state location)
- Photo ID and photographs
- Anti- Money Laundering Policy
- Business Plan
- Samples of documents and forms which will be used by the business for customers
- Management Chart and Organizational Chart showing ownership percentage
- Registration with FinCEN as a Money Services Business
- Surety bonds
The required documentation could vary from applicant to applicant.
What is the process for obtaining a New Jersey Money Transmitter License?
After preparing all documents, the application has to be made to the Department of Banking and Insurance, New Jersey. It is important to include signatures at all required places (notarized), completion of electronic fingerprinting process, required a filing fee and all enclosures and financial statements as stated in the form. Licenses are normally processed within 120 days. The license is issued for a period of two years and has to be renewed.
How much does it cost to obtain a New Jersey Money Transmitter License?
Application Fee is $700 (non-refundable) while Net worth is minimum of $100,000 plus an additional $25,000 per agent up to a maximum of $1,000,000. Bonding requirements in New Jersey range between $100,000 and $1,000,000 and is determined on a case by case basis. The fees for license renewal cannot exceed $4000. Legal Fee varies between $8,000-$12,000.
Empire Global has a team of experienced professionals who will assist you through the entire process of New Jersey 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 Jersey Money Transmitter License.