Delaware Money Transmitter License Overview
Who Requires a Money Transmitter License in Delaware?
Money transmission is a regulated activity in Delaware. All money services businesses are required to obtain a license in Delaware prior to starting their business.
Section 2303, Chapter 23, Title 5 of the Delaware Code states, “No person, except those specified in § 2304 or agents of a licensee as provided in § 2311 shall engage in the business of selling checks, or issuing checks or engage in the business of receiving money for transmission or transmitting the same without having first obtained a license hereunder.”
Who Regulates the Money Transmission Activities in Delaware?
All money transmission activities in Delaware are regulated by the Office of the State Bank Commissioner.
What Documents Are Required to Apply for a Money Transmitter License in Delaware?
When applying for a money transmitter license in Delaware, you need to submit the following documents along with your application:
- Business plan
- Organizational chart
- Bank account information
- Flow of funds
- AML/BSA Policy
- Audited financial statements
- Other trade name
- Registered agent
- Primary contact employees
- Non-primary contact employees
Under certain circumstances, you might be required to submit additional documents. You can find the complete list of required documents here.
What Are Money Transmitter License Costs in Delaware?
Money transmitter costs vary from state to state. When applying for a money transmitter cost in Delaware, you should keep the following costs in mind. The PDF below also includes our professional charges for services like authoring a business plan, a compliance manual, assisting you with a bank account, flow of funds structure, custody of funds, and much more.
How Can I Apply for a Money Transmitter License in Delaware?
If you have the time and money required to obtain a money transmitter license, the process is simple. First, get your money services business registered with FinCEN. Next, create an account on NMLS to start with your application. Do not forget to visit the regulator’s website, and read the Delaware code that talks about money transmission. Once you have all the information and are ready to apply, gather all required documents that have to be submitted along with the application. Pay the fees and submit your application. Now, all you have to do is to wait for approval from the regulator. The usual wait time varies from case to case and is somewhere between 6 to 8 months.
—
This page was last updated on June 12, 2023.
–