North Dakota Money Transmitter License Overview
Who Regulates MTL in North Dakota?
The North Dakota money transmitter license is regulated by the North Dakota Department of Financial Institutions Consumer Division.
Who Is Required to Have an MTL in North Dakota?
Any business involved in the sale or issuance of payment instruments, stored value, or receiving money for transmission to another location by whatever means is required to apply for a license in the state. Virtual currency transmission is currently not regulated by the Department of Financial Institutions Consumer Division. However, a license is required to engage in peer-to-peer or business-to-business wallet or account transfers in fiat currency.
Requirements to Apply for a License in North Dakota
To apply for the North Dakota MTL, you need to have a net worth of at least $100,000 and surety bond premium of $3750.
You will also need to provide other documentation which includes:
- Audited Financial statements
- Credit Report (along with explanation)
- Business Plan
- Bank account information
- BSA/AML policy
- North Dakota 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 Dakota here.
Money Transmitter License Costs in North Dakota
How to Apply for a Money Transmitter License in North Dakota?
Before you apply for the MTL in North Dakota, make sure you meet the basic requirements such as FINCEN registration and a minimum tangible net worth of $100,000. You will then need to create an account with the Nationwide Multistate Licensing System and fill in your application and upload the documents alongside it. Pay all fees required by the state of North Dakota. After the process is complete, you’ll have to wait about 3 months before it is approved.
This page was last updated on June 2, 2023.