New Hampshire Money Transmitter License Overview
Who Regulates The Money Transmitter License in New Hampshire?
Getting a New Hampshire Money Transmitter License is required for anyone involved in the sale or issuance of checks or of receiving money or monetary value for transmission to a location within or outside of the United States by any and all means.
The regulator that governs the money transmitter license in New Hampshire is the New Hampshire Banking Department.
The Nationwide Mortgage Licensing System handles all new license applications, fee submissions, and all other related matters. You can find application instructions and other details on this page which also provides a checklist for new license applicants.
The checklist fully explains the whole application process for money services businesses operating in New Hampshire and includes the following:
- General Information
- License Fees
- Requirements that will be completed in NMLS
- Requirements/Documents that will be Uploaded in NMLS
- Requirements that will be submitted outside of NMLS
New Hampshire Money Transmitter License Cost
When you are filing an application for a new money transmitter license for New Hampshire, there is an application fee of $500 and a surety bond premium of $2,500.
New Hampshire MTL Compliance Program & Other Allied Costs
If you have gone through the checklist linked above, you will notice there is a large section that details all the AML and Compliance-related documents that an applicant will need to submit.
In order to comply with these, you will not only need a full-time compliance officer but also a detailed and properly fleshed-out compliance program that includes everything from your management structure for compliance reporting to an explanation of how you will handle OFAC requirements.
This kind of program can cost anywhere between $30,000 to $90,000.
New Hampshire MTL Surety Bond
You will also be required to submit a surety bond of $2,500 or in an amount equal to outstanding money transmissions in New Hampshire, whichever is greater, but in no event shall the bond exceed $500,000. In lieu of a corporate Surety Bond, the applicant may provide proof of a government bond or CD equal to the required amount.
New Hampshire Money Transmitter License Cost
Steps to Obtain a Money Transmitter License in New Hampshire
- Your business must be registered with the Financial Crimes Enforcement Network (FINCEN) to apply for MTL in New Hampshire.
- Meet the basic requirements such as having a surety bond worth $100,000 and a positive net worth at all times.
- Create your NMLS account and read up on the other requirements for the MTL application including what documents you will need.
- Fill in your application carefully and upload your documents such as AML policy and Company Formation documents.
- Pay all the required fees and wait approximately 3 months to get your license.
—
This page was last updated on May 31, 2023.
–