MSB License Regulation in Connecticut
Home > MSB Licensing Service in USA > Connecticut
Regulator of MSB license in Connecticut
Connecticut Department of Banking.
Documents required for application:
Prerequisite
- Tangible net worth: The least amount of money you would need to show as tangible net worth is between $100,000 and $1,000,000, depending on the type of business you run.
- Surety bond—Based on the number of transactions, the bond amount ranges from $300,000 to $1,000,000.
- Financial statement: You need to show your net worth with audited financial records that are no more than 12 months old.
Documents
The regulator typically requires several key documents for compliance:
- Audited financial statements
- Credit report
- Bank account information
- Business Plan
- Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) Policy
- Authorized Delegate locations
- Any other trade name used
- Company formation documents
- Certificate of Good Standing
- Flow of Funds documentation
- Organizational Chart
- Registered Agents information
Cost Involved
- Tangible Net Worth: $100,000 to $1,000,000 minimum, dependent on business activities.
- Bond Amount: Between $300,000 and $1,000,000, dependent upon the volume of money transmission in Connecticut and business activities.
- Financial Statement: Audited Financial Statement reflecting net worth, which cannot be dated more than 12 months prior to the application date, must be provided via NMLS.
- Total License Cost: $1,975 including NMLS processing fee.
Process of application
To acquire a money transmitter license in Connecticut, the subsequent procedures must be adhered to:
- Create a business registration with FinCEN.
- Establish an NMLS account to file applications.
- It is advisable to thoroughly review the Connecticut General Statute and the regulator’s website in order to ensure that no provisions are overlooked.
- Compile and affix all mandatory documentation in conjunction with your application.
- Cover all costs that are associated with it.
- Await the Connecticut Department of Banking’s approval. The typical duration of the delay is between six and eight months.
State Base MSB Regulations
