North Carolina Money Transmitter License Overview
North Carolina Money Transmitter License Regulator
A money transmitter is a business that helps a person send or receive money within the United States or abroad, typically by means of a wire transfer, money order, or stored value card. Money transmitters must have a license to operate and are regulated by the North Carolina Office of the Commissioner of Banks (NCCOB).
North Carolina Money Transmitter Requirements
In order to apply for a money transmitter license in North Carolina, you have to fulfill the following requirements:
- Demonstrate a tangible net worth of $250,000
- Submit Surety Bond worth $150,000.
When applying for your license in North Carolina, you will have to submit the following documents along with your application:
- Audited Financial statements
- Credit Report (along with explanation)
- Business Plan
- Bank account information
- BSA/AML policy
- North Carolina Business License
- Flow of funds
- Company formation documents
Depending on your case, you might be required to submit additional documents. You can find a complete list of documents required for a money transmitter license in North Carolina here.
North Carolina Money Transmitter Cost
Costs for a money transmitter license include paying an application fee and renewal fee, fulfilling the surety bond and net worth requirements, and other expenses.
Step-by-Step Guide to Obtaining a MTL in North Carolina
Step 1: Register your MSB with FINCEN.
Before you apply for a North Carolina MTL, make sure your company is registered with FINCEN and also meets the basic requirements such as a minimum tangible net worth of $250,000.
Step 2: Create an Account on NMLS
Applications for MTLs in North Carolina are only done electronically via NMLS so you need to set up an account to do so.
Step 3: Collect all the documents you need
After creating an account on NMLS, read through the list of required documents. Fill in your application form and upload the documents alongside it.
Step 4: Paying the Fees
Pay all the requisite for your application to be considered. It will take approximately 3 to 4 months for your application to be approved.
This page was last updated on June 2, 2023.