Arkansas Money Transmitter License Overview
Who Needs to Register as a Money Transmitter in Arkansas?
If you are planning to start a money transmission business in Arkansas, you are required to be licensed. According to the Arkansas Uniform Money Services Act, “A person that engages in money transmission must have a money transmission license.” Money transmission includes:
- Receiving money or its equivalent value to transmission;
- Sell, issue, or act as an intermediary for stored value devices;
- Issuing or selling prepaid access cards;
- A bill payer service; and
- Informal money transfer system engaged in as a business for transferring money outside the
- conventional financial institutions system.
Who Regulates the Money Transmitter Licenses in Arkansas?
The Arkansas Securities Department overlooks all money transmission activities in the state. All money transmitter licenses are issued by the Arkansas Securities Department.
What Documents Are Required to Apply for a Money Transmitter License in Arkansas?
In order to apply for a money transmitter license in Arkansas, the following documents must be submitted along with the application:
- Company Formation documents
- Business Plan
- Financial Statements
- Bank account information
- Authorized Delegates Information
- Primary as well as non-primary contact information
- AML/BSA policy
- Flow of Funds
- Company Internal Policies
Depending on your case, you might be required to submit additional documents. You can go through the whole list of documents here.
What Is Money Transmitter License Cost in Arkansas?
In order to apply for a money transmitter license in Arkansas, you will have to fulfill the following financial requirements:
- Show a company net worth of $50,000
- Furnish a surety bond worth $10,000
There are a host of other money transmitter costs involved when applying for a license in Arkansas which can be found in the PDF below. The PDF also includes our professional service charges.
How Can You Apply for a Money Transmitter License in Arkansas?
In order to apply for a money transmitter license in Arkansas, you have to go through the following steps:
- Register your business with FinCEN. Every money services business is required to register their business with FinCEN and then apply for a money transmitter license with their respective state regulator.
- Next, start your application with the NMLS licensing system. Go through the licensing form, access the requirements, and start putting everything together.
- Gather all your documents. You should have all the required documents ready when filling out the application. Failure to do so will result in a delayed application and your wait time might be increased drastically.
- Fulfill all the financial requirements. Pay all the associated fees and make sure nothing is missing.
- Apply for your license. Fill in the form, attach all the required documents and submit it. Once it is received, you will be provided with an estimated time as to when you should expect a reply from the regulator. If needed, they will contact you to provide additional details or documentation.
- Wait for a reply from the regulator. The usual wait time is 6 to 12 months; however, this may vary depending on your particular case.
This page was last updated on September 21, 2022.