In North Carolina, no person shall engage in the business of money transmission in this state without a license. The Licensing Authority is the North Carolina Office of the Commissioner of Banks (NCCOB). The name license is NC Money Transmitter License (NCMTL). Additional license required is registration with FinCEN as a Money Services Business.
What are the requirements to apply for a North Carolina Money Transmitter License?
In order to get licensed in North Carolina applicant whose business model includes the transmission of virtual currency, must schedule a meeting with the Non-Depository Division money transmitter staff prior to filing for a license. Required documents are:
- Credit Report for control persons
- FBI Criminal Background Check
- Bank Account Details
- Authorization for Background checks
- Audited financial statements in GAAP prepared by a CPA, dated within 90 days of your fiscal year-end for the immediately preceding 2-year period
- Agent locations
- Bank Account details
- Primary Contact employees
- Company Formation Documents
- Anti- Money Laundering/ Bank Secrecy Act Policy
- Business Plan
- Internal policies
- Certificate of Good Standing
- Samples of documents and forms which will be used by the business for customers
- The flow of funds structure
- Management Chart and Organizational Chart showing ownership percentage
- List of permissible investments
- Information Technology Questionnaire
- Electronic surety bonds (ESB)
What is the process for obtaining a North Carolina Money Transmitter License?
To apply for an NCMTL, you have to register with the Nationwide Multistate Licensing System and Registry (NMLS). The application has to be made to the North Carolina Office of the Commissioner of Banks through NMLS. Documents must be uploaded to the Document Uploads section of the Company Form (MU1) in NMLS with Signatures at all required places, required a filing fee and all enclosures and financial statements as stated in the form. Failure to submit any required documents within 30 days of a request by the Commissioner will be considered an abandonment of the application.
How much does it cost to obtain a North Carolina Money Transmitter License?
Application Fee is $1500 (Non-refundable and not transferable), a Credit report is $15 per person, FBI Background Check costs $36.25 per person. Surety Bond Minimum $150,000 executed by a surety company authorized to conduct business in North Carolina. Maximum surety, which can be required, is $250,000. Net worth must be a minimum of $250,000 and Legal Fees Varies between $8,000-$12,000.
Empire Global has a team of experienced professionals who will assist you through the entire process of North Carolina 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 North Carolina Money Transmitter License.