Arizona Money Transmitter License Overview
Who Should Apply for a Money Transmitter License in Arizona?
According to the Arizona Department of Insurance and Financial Institutions
“This License is required for any company who sells or issues payment instruments, receives money for transmission, exchanges payment instruments, or receives money for obligors for the purpose of paying bills, invoices, or accounts.”
Arizona Money Transmitter License State Regulator
Money transmitter licenses in Arizona are regulated and issued by the Arizona Department of Insurance and Financial Institutions.
Arizona Money Transmitter License Cost and Document Requirements
Arizona Money Transmitter License Required Documents
When applying for a money transmitter license in Arizona, you will be required to submit the following documents along with your application.
- Business plan
- Other trade names
- Financial Statements
- Company formation documents
- Primary contact employees
- Criminal background check (CBC)
Depending on your case, the regulator might ask you to submit additional documents. You can find a list of required documents here.
Arizona Money Transmitter License Cost
In order to apply for a money transmitter license in Arizona, you will have to bear the following costs:
- Application fee of $1,500
- License/Registration fee – this depends on the month you are applying in (detailed breakdown in PDF below).
- Net worth of $100,000
- Surety bond according to the table in the PDF below.
In addition to the costs mentioned above, there are other costs involved as well when you apply for a money transmitter license in Arizona. The PDF below lists all the costs in detail and also includes our professional charges for assisting you in applying for a money transmitter license in Arizona.
Applying for a Money Transmitter License in Arizona
If you have all the documents and finances ready, applying for a money transmitter license in Arizona should not be a cumbersome process. All you have to do is follow these steps and submit your application.
- Register with FinCEN. As a money services business, you have to make sure that your business is registered with FinCEN.
- Create an Arizona eLicense portal account as you will be required to upload certain documents through this portal.
- Create an account with NMLS. All licensing applications are accepted through this online portal, hence create an account here to apply for your license.
- Go through the regulator’s website. Make sure that you have gone through the Arizona Department of Insurance and Financial Institutions’ website thoroughly, have read through the law and requirements, and are ready to apply for your license.
- Gather all documents. Make sure that you have all the required documents ready with you when applying for your license. If you miss out on even one document, you will have to go through the whole process again.
- Pay all fees. You now have a fair idea of all the costs associated with applying for a money transmitter license in Arizona. Pay all the fees and you’re ready to submit your application.
- Wait for approval. Once you have submitted your application, you will have to wait six to eight months to receive your license.
This page was last updated on September 21, 2022.