Missouri Money Transmitter License Overview
Who Needs a Money Transmitter License in Missouri?
Anyone involved in the transmission of fiat currency in Missouri is required to hold a money transmitter license issued by the state regulator. Sale of money orders/traveler’s checks, bill payment, electronic transmission of money, and issuance of stored value cards are regulated activities by law, and any person or company engaging in any of these activities is required to be licensed.
Who Regulates this License in MO?
The Missouri Division of Finance is responsible for issuing licenses for money transmission-related activities in the state.
What Documents Are Required to Apply for an MTL in Missouri?
While there are a host of documents required when applying for a license in Missouri, the most important ones are:
- Business plan
- Flow of funds structure
- Bank account information
- Surety bonds
- Organizational chart
- List of authorized delegates’ locations
- Audited financial statements
- Management chart
What Are Money Transmitter License Costs in Missouri?
When applying for a license in Missouri, you must keep in mind the following costs. Please note the table below also include our professional fees for services like offering a bank account, authoring a business plan, compliance manual, assisting you with the flow of funds, custody of funds, transaction set, and much more.
How Can You Apply for a Money Transmitter License in Missouri?
If you are looking to apply for a license in Missouri, you will first have to get your business registered with FINCEN. Next, you have to create an account with NMLS and fill in the online application form. Make sure that you have all the required documents before filling out the application. Remember to go through the state laws and visit the Missouri Division of Finance’s website for any updates. Finally, pay the fees. Once you submit the application, you will have to wait for 3 to 4 months to hear back from them.
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This page was last updated on May 31, 2023.
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