{"id":4276,"date":"2022-08-22T11:14:40","date_gmt":"2022-08-22T11:14:40","guid":{"rendered":"https:\/\/faisalkhan.com\/?page_id=4276"},"modified":"2023-08-01T04:58:36","modified_gmt":"2023-08-01T08:58:36","slug":"alabama-money-transmitter-license","status":"publish","type":"page","link":"https:\/\/faisalkhan.com\/solutions\/licensing\/money-transmitter-license-mtl\/alabama-money-transmitter-license\/","title":{"rendered":"Alabama Money Transmitter License"},"content":{"rendered":"\n<h1 class=\"wp-block-heading\">Alabama Money Transmitter License Overview<\/h1>\n\n\n\n<h2 class=\"wp-block-heading\">Who regulates money transmitter licenses in Alabama?<\/h2>\n\n\n\n<p>According to the Alabama Monetary Transmission Act, money transmitters operating in Alabama are required to obtain a money transmitter license with the <a href=\"https:\/\/asc.alabama.gov\/Registration%20Filing%20Req\/soc7a_revised_filing_req.aspx\" target=\"_blank\">Alabama Securities Commission<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Who needs a money transmitter license in Alabama?<\/h2>\n\n\n\n<p>In Alabama, if you are engaged in any of the following business activities, you are required by law to be licensed as a money transmitter.<\/p>\n\n\n\n<ul>\n<li>Debt Management\/Credit Counseling<\/li>\n\n\n\n<li>Electronic money transmitting<\/li>\n\n\n\n<li>Issuing traveler\u2019s checks<\/li>\n\n\n\n<li>Selling Traveler\u2019s checks<\/li>\n\n\n\n<li>Issuing money orders<\/li>\n\n\n\n<li>Selling money orders<\/li>\n\n\n\n<li>Bill payment<\/li>\n\n\n\n<li>Issuing and\/or selling drafts<\/li>\n\n\n\n<li>Transporting currency<\/li>\n\n\n\n<li>Issuing prepaid access\/stored value<\/li>\n\n\n\n<li>Selling prepaid access\/stored value<\/li>\n\n\n\n<li>Foreign currency dealing or exchanging<\/li>\n\n\n\n<li>Virtual currency exchanging and trading services<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Alabama Money Transmitter License: Documents Required<\/h2>\n\n\n\n<p>In order to apply for a license in Alabama, you will need to submit the following documents along with your application in NMLS:<\/p>\n\n\n\n<ul>\n<li>Audited Financial Statements<\/li>\n\n\n\n<li>Location of Authorized Delegates (if applicable)<\/li>\n\n\n\n<li>Other trade names (if operating under a different name)<\/li>\n\n\n\n<li><a href=\"https:\/\/faisalkhan.com\/solutions\/licensing\/registered-agent-ra\/\">Registered Agent<\/a><\/li>\n\n\n\n<li>Primary contact employees<\/li>\n\n\n\n<li>Bank account information<\/li>\n\n\n\n<li>Credit Report<\/li>\n\n\n\n<li><a href=\"https:\/\/faisalkhan.com\/knowledge-hub\/resources-and-references\/business-plan\/\">Business Plan<\/a><\/li>\n\n\n\n<li>Certificate of Authority\/Good Standing Certificate<\/li>\n\n\n\n<li>Company Staffing &amp; Internal Policies<\/li>\n\n\n\n<li>Sample contracts for consultants, or any third-party providers, and sample contracts of authorized agents, money transmission contracts.<\/li>\n\n\n\n<li><a href=\"https:\/\/faisalkhan.com\/solutions\/risk-and-compliance\/flow-of-funds-fof\/\">Flow of Funds<\/a><\/li>\n\n\n\n<li>Company formation documents<\/li>\n\n\n\n<li>Organizational Chart<\/li>\n\n\n\n<li><a href=\"https:\/\/faisalkhan.com\/knowledge-hub\/resources-and-references\/surety-bond\/\">Surety Bond<\/a><\/li>\n\n\n\n<li>Verification of Experience<\/li>\n<\/ul>\n\n\n\n<p>There are a host of other documents that you might be required to submit, depending on your case. You can find them <a href=\"https:\/\/faisalkhan.com\/documents-required-for-money-transmitter-license\/\">here<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Alabama Money Transmitter License Cost<\/h2>\n\n\n\n<p>In order to apply for a money transmitter license in Alabama, you need to pay all government-related fees which includes an application fee of $1,000, a minimum surety bond of $100,000, and a lot more. A breakdown of the state licensing charges along with our professional service charges can be purchased here:<\/p>\n\n\n\n<script src=\"https:\/\/gumroad.com\/js\/gumroad-embed.js\"><\/script>\n<div class=\"gumroad-product-embed\"><a href=\"https:\/\/fkhan.gumroad.com\/l\/alabama-money-transmitter-license-cost\" target=\"_blank\">Loading&#8230;<\/a><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">How to Apply for a Money Transmitter License in Alabama?<\/h2>\n\n\n\n<ul>\n<li>First, and foremost, you will have to register your business with FinCEN.<\/li>\n\n\n\n<li>Then, visit the Alabama Securities Commission and NMLS website, and read through the requirements.<\/li>\n\n\n\n<li>Next, you will have to upload all the required documents, which include (but are not limited to) the following:\n<ul>\n<li>Company Form<\/li>\n\n\n\n<li>Financial Statements<\/li>\n\n\n\n<li>Report authorized agents (if any)<\/li>\n\n\n\n<li>Other trade name, if you are using any<\/li>\n\n\n\n<li>List the registered agent<\/li>\n\n\n\n<li>Provide contact of primary employees<\/li>\n\n\n\n<li>Provide FinCEN registration details<\/li>\n\n\n\n<li>Provide bank account details<\/li>\n\n\n\n<li>Submit a business plan and flow of funds<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Pay all the fees mentioned in the cost table above.<\/li>\n\n\n\n<li>Prepare a compliance and risk management program as part of your application requirement.<\/li>\n\n\n\n<li>Submit your application<\/li>\n\n\n\n<li>Wait for up to 12 months to receive your license.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Alabama Money Transmitter License Overview Who regulates money transmitter licenses in Alabama? According to the Alabama Monetary Transmission Act, money transmitters operating in Alabama are required to obtain a money transmitter license with the Alabama Securities Commission. Who needs a money transmitter license in Alabama? In Alabama, if you are engaged in any of the [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":4298,"parent":1843,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_uag_custom_page_level_css":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"blocksy_meta":[],"featured_image_urls":{"full":["https:\/\/faisalkhan.com\/wp-content\/uploads\/2022\/08\/Faisal-Khan-LLC-Money-Transmitter-License-Overview-Mini-Brief.png",1280,480,false],"thumbnail":["https:\/\/faisalkhan.com\/wp-content\/uploads\/2022\/08\/Faisal-Khan-LLC-Money-Transmitter-License-Overview-Mini-Brief-150x150.png",150,150,true],"medium":["https:\/\/faisalkhan.com\/wp-content\/uploads\/2022\/08\/Faisal-Khan-LLC-Money-Transmitter-License-Overview-Mini-Brief-300x113.png",300,113,true],"medium_large":["https:\/\/faisalkhan.com\/wp-content\/uploads\/2022\/08\/Faisal-Khan-LLC-Money-Transmitter-License-Overview-Mini-Brief-768x288.png",768,288,true],"large":["https:\/\/faisalkhan.com\/wp-content\/uploads\/2022\/08\/Faisal-Khan-LLC-Money-Transmitter-License-Overview-Mini-Brief-1024x384.png",1024,384,true],"1536x1536":["https:\/\/faisalkhan.com\/wp-content\/uploads\/2022\/08\/Faisal-Khan-LLC-Money-Transmitter-License-Overview-Mini-Brief.png",1280,480,false],"2048x2048":["https:\/\/faisalkhan.com\/wp-content\/uploads\/2022\/08\/Faisal-Khan-LLC-Money-Transmitter-License-Overview-Mini-Brief.png",1280,480,false],"gb-block-post-grid-landscape":["https:\/\/faisalkhan.com\/wp-content\/uploads\/2022\/08\/Faisal-Khan-LLC-Money-Transmitter-License-Overview-Mini-Brief-600x400.png",600,400,true],"gb-block-post-grid-square":["https:\/\/faisalkhan.com\/wp-content\/uploads\/2022\/08\/Faisal-Khan-LLC-Money-Transmitter-License-Overview-Mini-Brief-600x480.png",600,480,true],"yarpp-thumbnail":["https:\/\/faisalkhan.com\/wp-content\/uploads\/2022\/08\/Faisal-Khan-LLC-Money-Transmitter-License-Overview-Mini-Brief.png",120,45,false]},"post_excerpt_stackable":"<p>Alabama Money Transmitter License Overview Who regulates money transmitter licenses in Alabama? According to the Alabama Monetary Transmission Act, money transmitters operating in Alabama are required to obtain a money transmitter license with the Alabama Securities Commission. Who needs a money transmitter license in Alabama? In Alabama, if you are engaged in any of the following business activities, you are required by law to be licensed as a money transmitter. Debt Management\/Credit Counseling Electronic money transmitting Issuing traveler\u2019s checks Selling Traveler\u2019s checks Issuing money orders Selling money orders Bill payment Issuing and\/or selling drafts Transporting currency Issuing prepaid access\/stored value&hellip;<\/p>\n","category_list":"","author_info":{"name":"feritcinakli","url":"https:\/\/faisalkhan.com\/author\/feritcinakli\/"},"comments_num":"0 comments","featured_image_urls_v2":{"full":["https:\/\/faisalkhan.com\/wp-content\/uploads\/2022\/08\/Faisal-Khan-LLC-Money-Transmitter-License-Overview-Mini-Brief.png",1280,480,false],"thumbnail":["https:\/\/faisalkhan.com\/wp-content\/uploads\/2022\/08\/Faisal-Khan-LLC-Money-Transmitter-License-Overview-Mini-Brief-150x150.png",150,150,true],"medium":["https:\/\/faisalkhan.com\/wp-content\/uploads\/2022\/08\/Faisal-Khan-LLC-Money-Transmitter-License-Overview-Mini-Brief-300x113.png",300,113,true],"medium_large":["https:\/\/faisalkhan.com\/wp-content\/uploads\/2022\/08\/Faisal-Khan-LLC-Money-Transmitter-License-Overview-Mini-Brief-768x288.png",768,288,true],"large":["https:\/\/faisalkhan.com\/wp-content\/uploads\/2022\/08\/Faisal-Khan-LLC-Money-Transmitter-License-Overview-Mini-Brief-1024x384.png",1024,384,true],"1536x1536":["https:\/\/faisalkhan.com\/wp-content\/uploads\/2022\/08\/Faisal-Khan-LLC-Money-Transmitter-License-Overview-Mini-Brief.png",1280,480,false],"2048x2048":["https:\/\/faisalkhan.com\/wp-content\/uploads\/2022\/08\/Faisal-Khan-LLC-Money-Transmitter-License-Overview-Mini-Brief.png",1280,480,false],"gb-block-post-grid-landscape":["https:\/\/faisalkhan.com\/wp-content\/uploads\/2022\/08\/Faisal-Khan-LLC-Money-Transmitter-License-Overview-Mini-Brief-600x400.png",600,400,true],"gb-block-post-grid-square":["https:\/\/faisalkhan.com\/wp-content\/uploads\/2022\/08\/Faisal-Khan-LLC-Money-Transmitter-License-Overview-Mini-Brief-600x480.png",600,480,true],"yarpp-thumbnail":["https:\/\/faisalkhan.com\/wp-content\/uploads\/2022\/08\/Faisal-Khan-LLC-Money-Transmitter-License-Overview-Mini-Brief.png",120,45,false]},"post_excerpt_stackable_v2":"<p>Alabama Money Transmitter License Overview Who regulates money transmitter licenses in Alabama? According to the Alabama Monetary Transmission Act, money transmitters operating in Alabama are required to obtain a money transmitter license with the Alabama Securities Commission. Who needs a money transmitter license in Alabama? In Alabama, if you are engaged in any of the following business activities, you are required by law to be licensed as a money transmitter. Debt Management\/Credit Counseling Electronic money transmitting Issuing traveler\u2019s checks Selling Traveler\u2019s checks Issuing money orders Selling money orders Bill payment Issuing and\/or selling drafts Transporting currency Issuing prepaid access\/stored value&hellip;<\/p>\n","category_list_v2":"","author_info_v2":{"name":"feritcinakli","url":"https:\/\/faisalkhan.com\/author\/feritcinakli\/"},"comments_num_v2":"0 comments","yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.6 (Yoast SEO v22.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Alabama Money Transmitter License - Faisal Khan<\/title>\n<meta name=\"description\" content=\"Learn about the requirements and process for obtaining a money transmitter license in Alabama. Find out who regulates money transmitter licenses in the state and discover the necessary documents, costs, and steps involved in the application. Ensure compliance and get licensed as a money transmitter in Alabama.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/faisalkhan.com\/solutions\/licensing\/money-transmitter-license-mtl\/alabama-money-transmitter-license\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Alabama Money Transmitter License - Alabama Money Transmitter License\" \/>\n<meta property=\"og:description\" content=\"Faisal Khan has been invited for interviews by different online publications. 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According to the Alabama Monetary Transmission Act, money transmitters operating in Alabama are required to obtain a money transmitter license with the Alabama Securities Commission. Who needs a money transmitter license in Alabama? In Alabama, if you are engaged in any of the&hellip;","_links":{"self":[{"href":"https:\/\/faisalkhan.com\/wp-json\/wp\/v2\/pages\/4276"}],"collection":[{"href":"https:\/\/faisalkhan.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/faisalkhan.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/faisalkhan.com\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/faisalkhan.com\/wp-json\/wp\/v2\/comments?post=4276"}],"version-history":[{"count":0,"href":"https:\/\/faisalkhan.com\/wp-json\/wp\/v2\/pages\/4276\/revisions"}],"up":[{"embeddable":true,"href":"https:\/\/faisalkhan.com\/wp-json\/wp\/v2\/pages\/1843"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/faisalkhan.com\/wp-json\/wp\/v2\/media\/4298"}],"wp:attachment":[{"href":"https:\/\/faisalkhan.com\/wp-json\/wp\/v2\/media?parent=4276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}