Basic information about Money Transmitter License New York
New York Money Transmitter License (MTL) is one of the Big 3 MTLs (other two being California Money Transmitter License and Texas Money Transmitter License). There is no doubt, the the NY Money Transmitter License is one of the most coveted licenses in the entire money transmitter licensing applications in the United States.
Difficult to get, but extremely valuable once you have it.
The regulator that governs the money transmitter license in New York is the Department of Financial Services or DFS.
DFS NY supervises the various institutions, including money transmitters (as defined by the Banking Law) are also supervised by NY’s DFS.
As NY licensed Money Transmitter you will be listed in the NMLS Consumer Access Database.
The NY DFS now uses the NMLS for its licensing application. Please visit the NY DFS License Application Resources Page to learn more.
NY Money Transmitter License Cost
The cost of a license application is about US$ 3,000
The approximate time to obtain a New York Money Transmitter License varies from 12 months to 18 months (depending on how complete you were with your application and then the comments raised by the examiner and what you did to resolve them).
A full-time Compliance Officer is needed to be on-board for the company applying for the New York Money Transmitter License. This will typically set you back about US$ 90,000-120,000 per annum.
NY Money Transmitter License Compliance Program & Other Allied Costs
A compliance program, built from scratch and implementation of those would cost you US$ 25,000-30,000 on the low side, US$ 45,000-50,000 on the average and US$ 75,000-90,000 on the top-quality side of things.
Please note, this does not include the cost of your Transaction Engine, Transaction Monitoring System, Anti-Money Laundering System, KYC system part of the greater Customer Information Program system and various other core (accounting) and ancillary systems you many need to continue.
A good system can very easily cost you US$ 50,000 per year (and this is the low priced figure).
NY Money Transmitter License Net Worth
Department of Financial Services for New York, does not have a minimum net worth defined for a NY Money Transmitter License.
NY Money Transmitter License Surety Bond
Surety Bonding would also be required up to US$ 500,000 and this too can be increased if determined so by the examiner.
Expect to have capital expenditure (i.e. sunk costs) to easily exceed US$ 150,000-200,000 for a first time applicant for a NY Money Transmitter License.
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