No person in Puerto Rico shall engage in the business of money transmission, receiving and transmitting money within the U.S. or abroad, without a license. The regulatory body which issues Puerto Rico Money Transmitter License (PRMTL) is the Commissioner of Financial Institutions.
What are the requirements to apply for a Puerto Rico Money Transmitter License?
Important documents required for application are:
- Certificate of Authority/ Good standing
- Registered Agent
- Primary Contact employees
- Qualifying individual
- Credit report
- Audited financial statements prepared by CPA by GAAP within 90 days of your fiscal year-end. The financial statement must illustrate a company’s net worth of $500,000.
- Business Plan
- Company Formation documents
- AML/ BSA Policy with an independent review
- Management Chart and Organizational Chart showing ownership percentage
- Authorized Agents Locations
The documentation will vary from applicant to applicant.
What is the process for obtaining a Puerto Rico Transmitter License?
To apply for a PRMTL, the applicant has to 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 one year and has to be renewed according to the Renewal notice issued by the Commissioner of Financial Institutions. The license is issued for one year and has to be renewed every year in December.
How much does it cost to obtain a Puerto Rico Money Transmitter License?
Application Fee is $2500, Credit report Fee for each individual: $15. An annual fee of $0.25 for each active authorized agent/delegate location reported through NMLS is invoiced on November 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. Additional License Fee (per agent): $100 per year before June 30 & $50 after June 30. Net worth is not less than $500,000 calculated according to GAAP. Surety Bond is a minimum $500,000 plus $10000 for every location to be furnished by a surety company authorized to conduct business in Puerto Rico. Legal Fees vary between $8,000-$12,000.
Empire Global has a team of experienced professionals who will assist you through the entire process of Puerto Rico 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 Puerto Rico Money Transmitter License.