What Is The Procedure For Money Transfer License Application
Money Transfer license applications can vary from state to state and country to country. In some geographical areas, there might be a moratorium from issuing any new licenses, while in some areas, no licenses are required. Under no circumstances should you commence even small-time operations without having first filed for a money transfer license application and confirmed from your regulator that you are allowed to operate (even a small, closed-loop, beta operation).
Operating without a money transfer license application filed could lead to fines, prison time or both. It has serious consequences.
To properly gauge your money transfer license application requirements, additional information may be required, such as:
- Information on Owners & Directors
- Fit & Proper Test of the Senior Management
- Background Checks into criminal activities and/or any civil or criminal conviction by any court of law.
- Country/Territory where you would like to be licensed
- Country/Territory from where you would be operating (base of operations)
- Financial standing
- Timelines & Schedules
- Chief Compliance Officer
- Compliance Program (which would include KYC/KYB, AML/CFT, etc.)
- Local / Geographical presence
- Paid Up Capital and related financials
- Business Plan
- Local empowerment
- Technical Infrastructure
- Access to Banking
- Flow of Funds
- Understanding of the Money Transfer Ecosystem
Based on this information, we would then be able to accurately assess the viability of you getting licenses and the most proficient method of approach given your unique set of requirements.
If you would like us to evaluate your money transmitter license requirements and see how we can assist you in finding coverage for MTLs, please kindly fill in the application below. All information shared is treated confidentially.
GET access to banking
This page was last updated on November 27, 2020.