The licensing process for a Money Transmitter (MT) is regulated both at the Federal and state levels of the United States of America (USA). Licenses have to be acquired from the local governments at the state level followed by the FinCEN at the federal level. While the state level for the licensing process evaluates the suitability of an applicant for operating a Money Transmitter Service, the Federal Registration process is for compliance with Anti-Money Laundering (AML) and Anti-Terrorist Funding (ATF) procedures.
Money Transmitter Licenses need to be acquired for each state separately. However, the licensing process uses a common licensing platform called the Nationwide Multistate Licensing System (NMLS). The NMLS helps to make multiple applications for different states as documents can be stored on the platform and can be used for multiple applications. The registration process for the Federal Registration can also be completed online on the FinCEN website.
The exact documentary requirements for a Money Transmitter License can vary from state to state. However, broadly the common documents which are sought almost in every state are Credit reports, Background Checks, financial details of the applicants and surety bonds.
The fee for an application for a USA Money Transmitter license varies from state to state and separate application fees have to be paid for every state. The fee varies from an annual fee of a few hundred USD in certain states to thousands of USD in other states.
Empire Global has a team of experienced professionals who will assist you through the entire process of USA Money Transmitter application including assistance in the preparation of documents, submission of application and responding to any queries from the BaFIN. We request you to get in touch with Empire Global at the earliest to understand the entire process in detail and apply for a USA Money Transmitter.