West Virginia Division of Financial Institutions is the Licensing Authority in charge of West Virginia Currency Exchange, Transportation or Transmission License (WVMTL). To apply for a WVMTL, 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 West Virginia Money Transmitter License?
In order to obtain a West Virginia Money Transmitter License, the following documents are required:
- WV Secretary of State registration of another trade name
- Secretary of State (or similar state agency in the home state) documentation to be uploaded under Certificate of Authority/ Good standing
- Business Registration
- Credit Report
- Contact Individuals – Examination and Compliance
- Release Form – For criminal and credit investigations: Must be provided for each individual submitting fingerprint cards or authorizing a credit report through NMLS
- FBI Criminal Background Check of direct and indirect owners holding more than 10% share and executive officers
- Bank Account information
- Audited financial statements prepared by CPA in accordance with GAAP within 90 days of your fiscal year end for the last 1 year
- Business Plan
- Management Chart and Organizational Chart showing ownership percentage
- Company Formation documents
- Authorized Agents Locations
- Registration with FinCEN as a Money Services Business
- Surety bonds
However, the required documentation can vary from an applicant to applicant.
What is the process for obtaining a West Virginia Money Transmitter License?
As mentioned, the application has to be made to the West Virginia Division of Financial Institutions 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) Required filing fee, and 3) All enclosures and financial statements as stated in the form. The applications are processed within 120 days. License is issued for a period of one year and has to be renewed annually before 31st December.
How much does it cost to obtain a West Virginia Money Transmitter License?
Registration Fee is $1000 plus $20 for each location (maximum amount is $25,000). Other costs include FBI Criminal Background Check ($36.26 per person), Credit report Fee for each individual ($15), NMLS Processing Fee ($100). Renewal Fee is $250, plus $5 for each location, plus an assessment of up to $.001 for every dollar of transmission services provided in the prior year (maximum amount is $25,000).
The minimum tangible Net worth of $ 50,000 is required according to GAAP with a minimum tangible net worth of $ 25,000 for every agent location. Total net worth cannot exceed $1 million.
Surety Bond should be $300,000 plus $ 5000 for every location to be furnished by a surety company authorized to conduct business in West Virginia. The bond required shall be increased at the time of license renewal by one percent of the annual volume of business the licensee conducts in this state exceeding $10 million rounded to the nearest thousand, as reported by the licensee. Additionally, a Deposit Bond may be used from certain institutions upon approval by West Virginia Division of Financial Institutions. Legal Fees vary between $8,000 and 12,000 USD.
Empire Global has a team of experienced professionals who will assist you through the entire process of West 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 West Virginia Money Transmitter License.