Ohio Division of Financial Institutions is the licensing authority for obtaining an Ohio Money Transmitter License. According to Nationwide Multistate Licensing System and Registry (NMLS) any person, regardless of the location of that person, its facilities, or its agents, who receives directly or indirectly and by any means, money or its equivalent for transmission from a person located in this state is required to have this license. (Ohio Revised Code Section 1315.02.) Additional license required is registration with FinCEN as a Money Services Business.
What are the requirements for obtaining an Ohio Money Transmitter License?
Applicants seeking to obtain a money transmitter license may be required to provide the following documents:
- Registration with the Ohio Secretary of State
- Company Formation Documents
- List of directors, executive officers, controlling persons
- List of major shareholders
- Business plan
- Management chart
- Audited financial statements- prior fiscal year. If the applicant is a newly formed entity, provide documentation supporting the method and source of capitalization (identify the sources of funding for the business).
- Interim financial statements
- Bank account information
- Anti- Money Laundering Program and Independent Review
- Resume of a compliance officer
- AML monitoring system
- OFAC screening processes
- Criminal Background checks for US and Non-US Citizens
- Electronic Surety Bond (ESB)
What is the process of obtaining the Ohio Money Transmitter License?
Application has to be made to the Division of Financial Institutions, Ohio Department of Commerce. Important requirements:
- Signatures at all required places
- Required filing fee
- All enclosures and financial statements as stated in the form
After accepting an application for a money transmitter license described in section 1315.03 of the Revised Code No the superintendent of financial institutions shall examine all the facts and circumstances relating to the application. A time limit is provided for processing. The License has to be renewed every year before 1st July.
How much does it cost to obtain an Ohio Money Transmitters License?
Application Fee is $5,000 (Non-refundable). Net worth is at least $500,000. Surety Bond must be at least $300,000 by a company authorized to conduct surety business in Ohio. Maximum amount is $2,000,000. Legal Fees varies Between $5,000.00- $10,000.
Empire Global has a team of experienced professionals who will assist you through the entire process of Ohio 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 Ohio Money Transmitter License.