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Agent Status: Want to be a US MTL Agent?

To be an Agent (also known as an Authorized Delegate) of a Principal License Holder (PLH), i.e., the entity holding the necessary money transmitter licenses, please be aware of what is and is not allowed under the Agent program. While the actual nuances would only be made clear once a sponsoring PLH is assigned to you, the broader understanding can be gauged from the US Money Transmitter License Summary table: https://fkpost.com/USMTLSummaryPDF 

Our professional referral fee for brokering such an arrangement, whether it is a one-state Agent relationship, a few states, or nationwide is as follows: 

  • A one-time application fee (non-refundable) of US$ 1,500
  • One-time professional referral fee of US$ 14,000 (success-based approach). A 50% advance refundable advance is required; the balance is to be paid upon signing with the solution provider.

If you sign up with the solution provider, the referral fees are then due to us. The referral fee is fully refunded if you don’t sign up with a solution provider. The one-time application fee is non-refundable. 

The solution provider that has the necessary licenses would typically be looking at the following term sheet arrangement: 

  • One-time Fees: US$ 18,000 (for the Principal License Holder)
  • Monthly Program Cost of being sponsored as an Agent: Between US$ 2,500 to US$ 5,000 (regardless of the number and value of transactions).
  • Per Transaction Cost: $0.50 + 0.45% of the value processed.
  • Online Only. No physical locations. Physical locations cost extra and vary from state to state.
  • Minimum guaranteed monthly income: US$ 7,500 (to the Principal License Holder) – this is in addition to the monthly sponsorship charge.
  • SWIFT charges as per actuals.

Banking, licensing, compliance, and processing services are included in this. If you opt to be an Agent, you must have a compliance officer and a compliance program.  

Offer from Solution Provider is good for 7/Seven Calendar Days from today and is mandated if Due Diligence etc., is completed in 21 days for closure and signing of the contract. This means you get started right away after signing. 

Please let us know if you would like to proceed, and we will prepare a commercial referral agreement. If you have any questions or comments on the above, please do not hesitate to reach out.

This page was last updated on January 3, 2023.