Money Transmitter License Services

Money Transmitters

Money Transmitters

Money Transmitters

Money Transmitter License Services

Money transmitter licenses are required in most states if your fintech handles payments, crypto, or customer funds. We work with you to apply for licenses, register with FinCEN, and manage the compliance standards regulators expect from financial companies.

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Eligibility

Do You Need a Money Transmitter License?

If your company moves money, crypto, or any type of stored value for others, you may need a money transmitter license. These licenses apply to a wide range of fintech models, even if you're not a traditional payments business. Here are some common types of businesses that usually require one.

Payment Platforms

Apps and tools that help users send, receive, or store money typically fall under state money transmission rules.

Payment Platforms

Apps and tools that help users send, receive, or store money typically fall under state money transmission rules.

Crypto Businesses

Exchanges, custodial wallets, and companies that transmit crypto on behalf of users often need licenses in states that treat crypto as money transmission.

Crypto Businesses

Exchanges, custodial wallets, and companies that transmit crypto on behalf of users often need licenses in states that treat crypto as money transmission.

Cross-Border Payment Services

Sending funds internationally, even digitally, usually requires money transmitter licenses and compliance with federal remittance regulations.

Cross-Border Payment Services

Sending funds internationally, even digitally, usually requires money transmitter licenses and compliance with federal remittance regulations.

Non-Bank Financial Products

Neobanks, earned wage access apps, and others that touch user funds are often considered money transmitters.

Non-Bank Financial Products

Neobanks, earned wage access apps, and others that touch user funds are often considered money transmitters.

Learn More About Money Transmitters

Background Check for Money Transmitter License

Steps

How to Apply for a Money Transmitter License

Register with FinCEN

All money transmitters must register with FinCEN within 180 days of starting business. This allows you to legally operate as an MSB at the federal level.

Register with FinCEN

All money transmitters must register with FinCEN within 180 days of starting business. This allows you to legally operate as an MSB at the federal level.

Choose Where to Apply

You need a license in every state where you serve customers. Most startups start with a few states and expand over time.

Choose Where to Apply

You need a license in every state where you serve customers. Most startups start with a few states and expand over time.

Build Your Compliance Program

States expect a functioning AML program from day one, including written policies, a designated compliance officer, and systems for tracking transactions. Prepare your business plan, AML policy, financials, ownership charts, and other materials required by state regulators.

Build Your Compliance Program

File State Licensing Applications

Submit your licensing packets through the Nationwide Multistate Licensing System (NMLS) or directly to the state, depending on the jurisdiction. Each state sets its own requirements.

File State Licensing Applications

Submit your licensing packets through the Nationwide Multistate Licensing System (NMLS) or directly to the state, depending on the jurisdiction. Each state sets its own requirements.

Satisfy Financial Conditions

States typically require a surety bond and a minimum net worth. These thresholds vary depending on the state and your business model.

Satisfy Financial Conditions

States typically require a surety bond and a minimum net worth. These thresholds vary depending on the state and your business model.

Complete Background Checks

State regulators run background checks on your key personnel, including fingerprinting and financial history reviews.

Complete Background Checks

State regulators run background checks on your key personnel, including fingerprinting and financial history reviews.

Receive Your License

Once approved, you can begin operating in that state. You’ll need to keep licenses current with renewals, audits, and ongoing reporting.

Receive Your License

Once approved, you can begin operating in that state. You’ll need to keep licenses current with renewals, audits, and ongoing reporting.

Resources

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FAQ

Frequently Asked Questions

What is a money transmitter license?

What is a money transmitter license, and who needs one?

Do I need a money transmitter license in every state where I operate?

What is the process for obtaining a money transmitter license?

How long does it take to obtain a money transmitter license?

Do cryptocurrency businesses need a money transmitter license?

Are there any exemptions from money transmitter licensing?

Are there financial requirements to obtain a money transmitter license?

What is the process for renewing a money transmitter license?

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Money Transmitter License