Any entity who is selling money orders or engaging in the business of money transmission, whether or not they are physically located in Virginia, must obtain a money transmitter license. Licensing Authority is State Corporation Commission, Virginia Bureau of Financial Institutions.
It is not so difficult to obtain a Virginia Money Transmitter License (VIMTL). The application can be made directly offline with the State Corporation Commission.
What are the requirements to apply for a Virginia Money Transmitter License?
Important documents required for Application are:
- Authorized Agents (Delegates) locations
- Certificate of Authority/ Good standing
- Audited financial statements in GAAP prepared by a CPA. If the applicant is a new entity, provide an audited start-up balance sheet and provide a Pro-forma balance sheet and income statement projecting the applicant’s financial position one year after commencing the Virginia business. If the applicant is an operating company, provide the most recent audited financial report. Operating companies must also provide their most recent in-house month-end balance sheet and year-to-date income statement
- Business Plan
- BSL/AMA compliance review
- Document samples
- Properly executed, current (less than 90 days old) Personal Financial Report and Disclosure Statement form for each director, senior officer, member (holds more than 5% share), principal (holds more than 5% share directly or indirectly), outside director (a person who is not a paid employee of the applicant or its parent and who does not own 10% or more of the stock of the applicant or its parent) in Original.
- Criminal History Records Check for members, senior officers, directors, and principals and fingerprint card
- Members, senior officers, directors, and principals who have resided outside of the United States at any time within the previous 10 years must provide an investigative background report
- Authorization form(s) CCB-1149 for a reference from a bank or depository institution with which the applicant or its principals, members, partners, or trustees have had a deposit account for at least one year
- List of countries where funds will be transmitted and received from
- Management Chart and Organizational Chart showing ownership percentage
- Company Formation documents
- Registration with FinCEN as a Money Services Business.
The documentation required will vary from applicant to applicant.
What is the process for obtaining a Virginia Money Transmitter License?
The applications require the filing of supplemental forms. Applicants should carefully review all related laws and regulations governing money transmitters prior to submitting an application. The application can be downloaded online from the State Corporation Commission. Documents have to be mailed along with complete application forms and affidavits. The license is issued for a period of one year and must be renewed annually.
How much does it cost to obtain a Virginia Money Transmitter License?
Application Fee is $1000 while the renewal fee is $750. Net worth must be not less than $200,000 but not more than $1 million required in accordance with GAAP. Surety Bond $ 25,000 but not to exceed $500,000. 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 Virginia 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 Virginia Money Transmitter License.