Everyone who provides electronic money transfers for a certain fee (or other consideration) must register as a money transmitter, as per Rhode Island statute. State of Rhode Island – Department of Business Regulation is the Licensing Authority in charge of issuing the Rhode Island Electronic Money Transfer License (RIEMTL). To apply for a RIEMTL, 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 Rhode Island Money Transmitter License?
For obtaining a Money Transmitter License in Rhode Island, one has to present the following documentation:
- Resident/ Registered Agent Details
- Certificate of Authority/ Good standing
- FBI Background check for all qualifying individuals, direct owners/executive owners and indirect owners of 25% or more ownership
- Credit Report for all persons in a position of control
- AML policy and procedures
- Copy of resolution authorizing the filing of the application
- Sharing office space information
- Business Plan
- Company Formation documents
- Registration with FinCEN as a Money Services Business
- Surety bonds
The required documents will vary from applicant to applicant. There might be some special requirements such as a minimum of five years’ experience in the Money Services Business Industry.
What is the process for obtaining a Rhode Island Electronic Money Transfer License?
Application has to be made to the State of Rhode Island – Department of Business Regulation 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) Electronic Surety Bond; 3) Required filing fee, and 4) All enclosures and financial statements as stated in the form. There is no time limit when it comes to application processing. License is issued for a period of one year and it has to be renewed annually.
How much does it cost to obtain a Rhode Island Electronic Money Transfer License?
When applying for RIEMTL one must consider several costs. Such are: License Registration Fee ($540), FBI Criminal Background Check ($36.25 per person), Credit report Fee for each individual ($15). Annual Fee for License is $360 while the legal fees for renewal cost 3,500.00 USD. Legal Fees vary between $8,000 and 12,000 USD.
The minimum net worth of $50,000 must be maintained. Surety Bond should be $50,000 for 1 to 3 locations, increasing coverage by ten thousand dollars ($10,000) for 4 to 7 agent locations and twenty-five thousand dollars ($25,000) for 8 or more agent locations. The Surety bond must be furnished by a surety company authorized to conduct business in Rhode Island in the form of an Electronic Surety Bond.
Empire Global has a team of experienced professionals who will assist you through the entire process of Rhode Island Electronic Money Transfer 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 Rhode Island Electronic Money Transfer License.