Oklahoma Money Transmitter License (OKMTL) is required for those who are receiving money or its equivalent value to transmit, deliver, or instruct to be delivered the money or its equivalent value to another location, inside or outside the U.S. Licensing Authority is Oklahoma State Banking Department.
What are the requirements to apply for an Oklahoma Money Transmitter License?
Important documents required for an Oklahoma Money Transmitter License:
- FBI Criminal Background Check
- Audited financial statements prepared by CPA in accordance with GAAP within 90 days of your fiscal year-end for the last two years
- Business Plan
- Certificate of Qualification from Oklahoma Secretary of State
- Document Samples
- Good Standing Certificate from Oklahoma Secretary of State and from applicant’s state of incorporation
- Letter from Department of Treasury “IRS”, Detroit Computing Centre (no more than 24 months old)
- Sample form of contract that applicant will use with authorized delegates
- List of names and work history of applicant’s directors and managers
- List of all other states in which the applicant is licensed
- AML Program with an independent review
- AML/ BSA Policy and Procedures with an independent review
- Management Chart and Organizational Chart showing ownership percentage
- Registration with FinCEN as a Money Services Business
- Surety bond
The documentation required will vary from applicant to applicant.
What is the process for obtaining an Oklahoma Money Transmitter License?
To apply for an OKMTL, the applicant has to first register with the Nationwide Multistate Licensing System and Registry (NMLS). In NMLS, the applicant has to complete a Company Account Request Form and identify a Primary Account Administrator and a Secondary Account Administrator. Documents have to be uploaded on the NMLS website and certain documents have to be mailed. The license is issued for a period of one year and has to be renewed every year.
How much does it cost to obtain an Oklahoma Money Transmitter License?
Application Fee is $3000 (Non-refundable), License Fee is $2000 (Non-refundable), Delegate Fee: $50 per delegate. NMLS Processing Fee is $100, FBI Criminal Background Check $36.26 per person, Fee to be paid to Oklahoma Bureau of Narcotics: $50 per individual with “Authority to Collect and Release Information”. Renewal Fee costs $2000 (Non-refundable), Delegate Fee: $50 per delegate, Minimum net worth is $275,000 for 1 to 50 locations; $500,000 for 51 to 300 locations, $1,500,000 for 301 to 800 locations, or $3,000,000 for over 800 locations. Surety Bond is $200,000 for any licensee providing money transmission services primarily through electronic means pursuant to Title 6 Okla. Stat. Section 201 et seq.
Empire Global has a team of experienced professionals who will assist you through the entire process of Oklahoma 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 an Oklahoma Money Transmitter License.