Any entity engaging in the business of transmitting money in Pennsylvania must obtain a money transmitter license. Pennsylvania Department of Banking and Securities (The Money Transmitter Act 129) is the regulatory body for issuing Money Transmission Business License (PMTBL). Before starting a process of licensing, a minimum tangible net worth of $500,000 is required.
What are the requirements for obtaining a Pennsylvania Money Transmission Business License?
To apply for a PMBTL, you have to first register with the Nationwide Multistate Licensing System and Registry (NMLS) under the Document uploads section of the Company Form (MU1). You will have to first complete a Company account request form and identify a Primary Account Administrator and a Secondary Account Administrator.
The following documents are required to obtain a license:
- Credit Report for persons
- Pennsylvania State Police criminal history and background check
- FBI Criminal background check
- Audited financial statements of the last three years
- Interim financial statement
- Authorized agent locations
- Agent Review and Training
- Books and Record locations
- Anti- Money Laundering/ Bank Secrecy Act Policy
- Organizational Documents such as company registration docs and articles of the company
- Detailed Business plan
- Certificate of Good standing
- The flow of Funds structure
- Management Chart and Organizational chart showing ownership percentage
- Company Tax certification
- Bank references and insurance references
- Third-party Background Check for persons who have resided in Foreign Jurisdictions
- Company surety bond
While some documents are filled outside of NMLS they must be mailed to NMLS within 5 days of the electronic submission.
What is the process of obtaining a Pennsylvania Money Transmission Business License?
After uploading the Application to the Pennsylvania Department of Banking and Securities through NMLS, and mailing certain documents, you are in the process of getting a license. Other important requirements are Signatures at all required places, filing fees, all enclosures and financial statements as stated in the form, and registration with FinCEN. No time limit is provided for processing. License is issued for a maximum period of 14 months and then it has to be renewed by payment of renewal and furnishing of the bond of the same amount as the first year.
After uploading the Application to the Pennsylvania Department of Banking and Securities through NMLS, and mailing certain documents, you are in the process of getting a license. Other important requirements are Signatures at all required places, filing fees, all enclosures and financial statements as stated in the form, and registration with FinCEN. No time limit is provided for processing. License is issued for a maximum period of 14 months and then it has to be renewed by payment of renewal and furnishing of the bond of the same amount as the first year.
How much does it cost to obtain a Pennsylvania Money Transmitters License?
The application Fee costs $5,000 (Non-refundable), and the Credit control report costs $15 per person. The Pennsylvania State Police criminal history background check is $22.00 for each request. The renewal Fee is $5000.Surety Bond costs $1,000,000 executed by a surety company authorized to conduct business in the Commonwealth of Pennsylvania. 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 the Pennsylvania Money Transmission Business 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 Pennsylvania Money Transmission Business License.
