We are happy to offer our expertise in helping you with the comprehensive application process for obtaining a Money Transmitter License in various states.
Our dedicated team is committed to ensuring a smooth and successful application experience, and we will handle all aspects of the application process for you, including FinCEN registration.
Scope of Services:
License Application Fees:
We will guide you through the application fee requirements for each state and ensure that the fees are appropriately processed through the Nationwide Multistate Licensing System (NMLS).
Credit Report and Criminal Background Check:
We will coordinate the submission of credit reports and criminal background checks for all control persons associated with your application through the NMLS platform.
Uniform Authorized Agent Reporting Annual Processing Fee:
Our team will monitor and manage the annual processing fee for authorized agent/delegate locations, ensuring compliance with state regulations.
Submission of Company Form (MU1):
We will complete and submit the Company Form (MU1) on your behalf, serving as the application for the license/registration through NMLS.
Resident/Registered Agent:
We will ensure that the Resident/Registered Agent information matches the records with the applicable Secretary of State.
Contact Employees:
Our team will accurately enter the required individuals into the Contact Employees section of the Company Form (MU1), including primary and non-primary contact employees.
Approvals and Designation:
We will assist in providing the necessary FinCEN Registration Confirmation Number and Filing Date on the Company Form (MU1).
Bank Account Identification:
We will identify and list all bank accounts used for your money transmission activities on the Company Form (MU1), ensuring they meet state requirements.
Disclosure Questions:
We will meticulously provide complete explanations and document uploads for any affirmative responses to Disclosure Questions as required by state regulations.
Individual (MU2) Attestation:
Our team will assist in the completion of Individual Forms (MU2) for individuals such as direct owners, executive officers/control persons, and indirect owners.
Qualifying Individual:
We will ensure that the Qualifying Individual requirements are met and that the appropriate individual is listed on the Company Form (MU1) where necessary.
Authorized Agents (Delegates):
We will assist in providing a description of the screening process used to select authorized delegates, including any necessary forms and methods.
Electronic Surety Bond:
Our team will facilitate the submission of an executed Electronic Surety Bond through NMLS as required by specific states during Phase 1 or Phase 2 of the application.
Third-Party Investigatory Background Checks:
We will coordinate the preparation of investigative background reports by an acceptable search firm for individuals who meet specific criteria.
Financial Statements:
We will guide you through the submission of financial statements in compliance with state requirements, including audits if necessary.
Business Plan:
Our team will assist in the preparation and submission of a comprehensive business plan, covering various aspects of your company’s operations and strategies.
Formation Documents:
We will ensure that the appropriate formation documents, based on your company’s legal status, are submitted accurately.
Certificate of Authority/Good Standing Certificate:
We will provide guidance and submit the necessary state-issued documents demonstrating your authorization to do business.
Management Chart:
Our team will assist in creating and submitting a management chart displaying your company’s divisions, directors, officers, managers, and control persons.
Organizational Chart/Description:
We will prepare and submit an organizational chart or description detailing ownership percentages for direct owners, indirect owners, subsidiaries, and affiliates.
Flow of Funds Structure:
We will help you prepare and submit a comprehensive description of the flow of funds for each type of transaction or service offered by your company.
AML/BSA Policy and Risk Assessment:
We will facilitate the submission of your Anti-Money Laundering (AML)/Bank Secrecy Act (BSA) Policy, along with a risk assessment manual, if required, to ensure compliance with regulations.
Additional Costs:
Please note that the following expenses associated with the licensing process will be billed directly to the client as per actuals, and it is the client’s responsibility to cover these costs:
- All fees that are mandated by the state, including application fees, submission fees, and stationery fees.
- Notary fees for document verification.
- Fingerprinting fees for background checks.
- Registered Agent & Related Fees.
- Postage and shipping fees for document delivery.
- Attestations and translation fees, if required for non-English documents.
- Apostille fees for international document authentication.
- Background Check and Investigative Fees
- Legal opinion attorney fees, if necessary.
- Surety bonding fees, as required by specific states.
- Net worth and financial review costs.
- Independent review fees, if mandated by regulatory authorities.
- Third-party penetration testing, ensuring compliance with cybersecurity standards.
- IT security policies and audits, where applicable.
These expenses will be directly invoiced to the client to ensure transparency and compliance with state regulations. Our team will work closely with you to manage and facilitate these payments as part of our comprehensive licensing support services.
Depending on the structure of your U.S. company, it may be necessary to submit a Foreign Company Incorporation filing with the financial regulator of each U.S. state where your company intends to operate without maintaining a physical office or presence.
Scope of Territory:
This proposal is specifically tailored to cover the territory of the 50 United States, along with the federal territory of Washington, D.C. Our comprehensive Money Transmitter License Application Services are designed to assist you in obtaining licenses and registrations within this defined geographical scope. We are committed to delivering a seamless application process, ensuring compliance with state and federal regulations across this territory.
Please feel free to contact us for any further information or to initiate the application process. We look forward to serving you and helping you achieve your licensing goals.
Pricing
| Description | Amount (US$) | Comment |
|---|---|---|
| MTL Filing in all 50 US states + the Federal Territory of Washington DC. | $350,000 | Consolidated / Discounted amount |
| Compliance Manual | $15,000 | Price reflects 50% discount |
| Business Plan | $10,000 | Discounted. |
| TOTAL | $375,000 |
The total amount payable under this arrangement is set at US$ 375,000.
An initial payment of US$ 50,000 is due upon signing this contract. The remaining balance of US$ 325,000 will be evenly distributed over a period of 15 months. Within this timeframe, all applications will be diligently prepared and submitted, with the expectation of obtaining most of the required licenses. Any necessary clarifications or responses to queries raised by regulatory authorities or examiners will be promptly addressed and submitted.
However, it should be noted that certain states, such as New York (NY), Texas (TX), and California (CA), may have longer processing times for license approval that could potentially extend beyond the initial 15-month period. In such cases, the client has the option to retain our services on a month-to-month basis specifically for one, two, or all three of these states at a rate of US$ 7,500 per month. This retainer agreement is subject to termination by the client with a 15-day notice.
Please be aware that this proposal does not encompass any bank account services. While we can offer introductions to banks and assist in preparing the required documentation, these services should not be regarded as integral to this proposal. Gaining access to banking, in accordance with Money Services Business (MSB) guidelines, may incur additional expenses for your company, which will be determined and billed directly by the financial institution facilitating your banking access.
As always, if you have any questions or comments, please feel free to reach out to us. We are deeply appreciative of the opportunity to serve you.
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This page was last updated on January 30, 2024.
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