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Hawaii Money Transmitter License

Hawaii Money Transmitter License Overview

Hawaii Money Transmitter License Regulator

The money transmitter license for Hawaii is regulated by the Hawaii Division of Financial Institutions “DFI”.

Who Should Apply for a Money Transmitter License in Hawaii?

Individuals, partnerships, trusts, or corporations that seek to engage in the business of selling or issuing payment instruments such as drafts, money orders, traveler’s checks, or any other electronic instruments or written instruments, including stored value cards or devices or receiving money, which includes virtual currency, for transmission to any location within or outside the United States by any and all means must apply for a money transmitter license.

This includes people engaged in providing money transmission in Hawaii if the person offers those services to persons in Hawaii, even if the person providing services has no physical presence in Hawaii.

Hawaii Money Transmitter Requirements

Prerequisites

The prerequisites all applicants must meet in order to apply for a money transmitter license in Hawaii are as follows:

  • Background checks for each executive officer, key shareholders, and managers who will be in charge of the applicant’s activities.

The criminal history record check requires the submission of fingerprints to the Federal Bureau of Investigation and the Hawaii Criminal Justice Data Center. Fingerprinting can be done at a FieldPrint Live Scan location. You can find a Live Scan location near you at: www.fieldprinthawaii.com. Please check the Money Transmitter box to use the fingerprints for the Money Transmitter license.

  • Credit checks for each executive officer, key shareholders, principals, and managers who will be in charge of the applicant’s activities.
  • Employment history for the past five years of each executive officer, each key shareholder, each principal, and each officer or manager who will be in charge of the licensed activities.

Hawaii Money Transmitter License Cost

  • A non-refundable application fee of $5,000, and an initial license fee of $5,000, which is refundable in the case that a license is not issued to the applicant.
  • A net worth of at least $1,000
  • Bond (or another irrevocable letter of credit, or another similar security device acceptable to the commissioner) amount of $10,000.

It is important to note that the Commissioner may increase the bond amount based on an analysis of all relevant criteria required to be disclosed in the application.

  • A complete breakdown of all state licensing costs and our professional service charges can be found in the PDF below.

Documents

The documents applicants must submit to apply for a money transmitter license in the state of Hawaii are as follows:

  • Other Trade Name
  • List of proposed Hawaii Branch Locations
  • The legal name and address of the clearing bank or banks that will be used by the Applicant.
  • Financial Statements
  • Business plan
  • Certificate of good standing
  • Management Chart
  • Organizational (Ownership) Chart/Description
  • Anti-Money Laundering Program (AML)/Office of Foreign Assets Control (OFAC) Policy
  • Information Technology Security
  • Electronic Surety bond
  • FBI and Hawaii Criminal Background Check (CBC) Requirements
  • Third-Party Investigative Background Checks if the applicant does not reside or has not resided in the US for the past five years
  • Authorized Agents (Delegates) Locations
  • Sample authorized delegate contract
  • Sample form of all payment instruments to be used in Applicant’s business

Depending on your case, the regulator might ask you to submit additional documents. You can find a list of required documents here.

Step-by-Step Guide to Obtain a Money Transmitter License in Hawai

1. Meet the Net Worth Requirements

To apply for a money transmitter license in Hawaii the applicant must have a net worth of at least $1,000 at all times. Submit an audited financial statement verifying the net worth when submitting the license application.

2. Purchase a Surety Bond

First-time money transmitter license applicants must purchase and maintain a $10,000 surety bond

3. Make an NMLS Account

The Hawaii Money Transmitter License application is submitted electronically through the Nationwide Multistate Licensing System (NMLS).

4. Complete the Application

All Hawaii Money Transmitter License applications can be completed online through the NMLS where you can upload all the relevant documents.

This page was last updated on September 22, 2022.