Money Transmitter License Nevada NV - Faisal Khan and Company

Money Transmitter License Nevada

Basic Information about Money Transmitter License in Nevada

To operate as a money transfer operator in Nevada, you are required to obtain a money transmitter license.

According to the Nevada Statute:

A person shall not engage in the business of selling or issuing checks or of receiving for transmission or transmitting money or credits unless the person is licensed.
Check means any check, draft, money order or other instrument used for the transmission or payment of money. Check does not include a traveler’s check.

NV Money Transmitter Regulator

The Division of Financial Institutions of the State of Nevada – Department of Business and Industry is responsible for regulating money transmitters in the state.

Step by Step Guide to Obtain a Money Transmitter License in Nevada

Here’s a step-by-step guide to help you apply for a money transmitter license in Nevada.

How to Get a Nevada Money Transmitter License

  1. Register with FinCEN

    In order to apply for a money transmitter license, you must register your money services business with FinCEN.

  2. Go through the NV License Regulator Website

    The money transmitter license section on the official website of the Division of Financial Institutions contains all required information for first-time license applicants.

  3. Read through the Nevada Statute

    Nevada Revised Statute 671 is an essential read for anyone intending to apply for a money transmitter license.

  4. Fulfill Additional Requirements as Stated by Nevada Statute

    According to NV law, every applicant who intends to carry out money transmission business in the state should:
    i. Be at least 21 years of age.
    ii. Be a US citizen or legally entitles to remain and work in the US.

  5. MTL Application Forms

    You will have to fill in the following forms when applying for a money transmitter license in Nevada for the first time. You can find these forms here.
    i. Initial Addendum and Checklist
    ii. MTL Application
    iii. Bond Form
    iv. Personal History Record

  6. Gather all your documents

    Complete and gather all the necessary documents that are required for the application.

  7. Money transmitter license fee

    1. NV Application and Survey Fee: US$ 500 (non-refundable)
    2. Annual Assessment Fee: Not less than US$ 200 and not more than US$ 400.

  8. Surety bond for Nevada MTL application

    Each licensee is required to pay a minimum surety of US$ 10,000 for each location and an additional US$ 5,000 for every additional location or agent. Surety bonding for Nevada MTL application is capped at US$ 250,000.

  9. Net Worth for NV License Application

    The net worth for each applicant should exceed US$ 100,000.

  10. Submit your application

    After you’ve fulfilled all the above requirements, complete and submit your MTL application to the State’s Division of Financial Institutions.

  11. Wait for a decision

    Your application will be investigated and scrutinized by the Commissioner. Based on your financial condition, business experience, and personal information, you will either be granted a license or your application will be denied.

Time Required to Obtain an NV Money Transmitter License

Based on the complexity of your application, it will take somewhere between 6 to 8 months to obtain a license.


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