In order to obtain a North Dakota Money Transmitter License (NDMTL), one must comply and apply to the licensing authority called the North Dakota Department of Financial Institutions. To apply for an NDMTL, 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 North Dakota Money Transmitter License?
The following documents are required:
- Authorized Agents (Delegates) locations
- Resident/ Registered Agent Details
- Bank Account details
- Certificate of Authority/ Good standing
- FBI Criminal background check for Direct Owners with more than 25% shareholding, Indirect owners with more than 25% shareholding, Executive officers and qualifying individuals
- Credit report
- Audited financial statements in GAAP prepared by a CPA, dated within 90 days of your fiscal year-end. The financial statement should show a net worth of $100,000 at all times. If the applicant is a start-up company, only an initial statement of the condition is required.
- Primary Contact Employees
- Qualifying individual
- List of permissible investments
- Personal financial statement for Direct Owners with more than 25% shareholding, Indirect owners with more than 25% shareholding, Executive officers and qualifying individuals
- Business Plan
- Document samples
- The flow of funds structure
- Management Chart and Organisational Chart showing ownership percentage
- Company Formation documents
- Registration with FinCEN as a Money Services Business
- Surety bonds
The documentation required will vary from applicant to applicant.
What is the process for obtaining a North Dakota Money Transmitter License?
The application has to be made to the North Dakota Department of Financial Institutions 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; 3) Electronic Surety Bond, and 4) All enclosures and financial statements as stated in the form. No time limit is provided for the processing of the application.
How much does it cost to obtain a North Dakota Money Transmitter License?
Several costs should be taken into consideration, such as Registration Fee ($400), Application Fee ($450), NMLS Initial Processing Fee ($100, Non-refundable), FBI Criminal Background Check ($36.25 per person), and Credit report Fee for each individual ($15).
When it comes to Uniform Authorized Agent Reporting Annual Processing Fee (‘UAAR Fee’) there is an annual fee of $0.25 for each active authorized agent/delegate location reported through NMLS is invoiced on November the 1st. There is no fee for the first 100 active agents reported (Companies with 100 agents or less are not subject to the UAAR Processing Fee). Cap on UAAR Fee at $ 25,000. Renewal Fee cost $450.
Net worth shouts not be less than $100,000 in accordance with GAAP, while the Surety Bond is $150,000 furnished by a surety company authorized to conduct business in North Dakota. The regulator may increase the amount to $500,000. Legal Fees can vary between $8,000 and $12,000.
The license is issued for a period of one year and expires on 31 December. Licenses must be renewed annually.
Empire Global has a team of experienced professionals who will assist you through the entire process of the North Dakota 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 Dakota Money Transmitter License.