Each state has its own requirements for issuing money transmitter licenses (MTLs) to businesses. Without question, the New York license is one of the most sought-after MTLs in the United States, along with California and Texas. The application process for this money transmitter license is a complicated one, and it can be difficult to meet the requirements to obtain a New York license. However, having the right assistance can improve your chances of obtaining this valuable MTL.
Bates Group LLC, regularly helps clients apply for and obtain New York money transmitter licenses, as well as comply with all the requirements to maintain this license. If you need assistance, please consult with our team of MTL and compliance experts as soon as possible.
The New York State Department of Financial Services (NYDFS) regulates money transmitter licenses in the state. NYDFS then supervises licensed money transmitters to ensure they remain in full compliance with all regulations and licensing requirements. The DFS uses the NMLS Consumer Access database for licensing applications and to list licensed entities. The following is some additional information about MTL regulations in New York. To discuss your specific situation, please contact Bates Group LLC, directly.
Cost – The cost of an MTL application is about $3,000. In addition, each company applying for a license will need a full-time compliance officer on board, who might be compensated $90,000 or more per year.
Timeframe – Successful applicants generally receive a money transmitter license within 12 to 18 months of applying. The specific timeframe will depend on the completeness and accuracy of your application, any comments entered by the application examiner, and how successfully you were able to resolve those comments. Having professional assistance from MTL specialists can often decrease the time it takes to receive your license.
Business plan – You must submit a comprehensive business plan that includes marketing strategies, target markets, products or services, operating structure, fee schedule, jurisdictions in which you will engage in money transmissions, and financial projections.
Certificate of Good Standing – You must present a state-issued certificate that your company is in good standing in the State of New York.
Surety bond – You must have a surety bond of at least $500,000 to obtain your MTL in New York, and the examiner might increase the minimum amount depending on your operations and situation.
In addition to all of the above, you also need to submit your company’s anti-money laundering (AML) program and policies that will aim to ensure compliance with the Bank Secrecy Act (BSA) and state laws. Having a qualified BSA/AML program in place is an essential – yet complicated – part of the application requirements.
New York has some of the strictest MTL license regulations in the United States – and for good reason. However, if you want to conduct certain financial transactions in New York, obtaining this license is imperative. The specialists at Bates Group LLC, can help you every step of the way, so please contact us today.
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