MSB License Regulation in Wyoming

Regulator of MSB license in Wyoming

Wyoming Division of Banking

Documents required for application:

• Identifying Information:
• Contact information and Federal EIN.
• Manager or officer in charge of Wyoming activities.
• Location of business records.
• Background Information:
• 5-year history of criminal convictions and material litigation.
• Description of applicant activities and history of operations.
• Authorized Delegates and Payment Instruments:
• List of proposed authorized delegates in Wyoming.
• Sample authorized delegate contract and form of payment instrument.
• Name and address of clearing bank.
• Licensing History:
• List of states where applicant has been licensed and current status.
• Dollar amount and number of outstanding payment instruments.
• Executive and Shareholder Information:
• Name, addresses, and 5-year employment history of executive officers and key shareholders.
• 5-year history of criminal convictions and material litigation for each.

Corporate Money Transmitter:

• Date and state of incorporation.
• Certificate of good standing.
• Corporate structure description.
• Copy of audited financial data and SEC filings.

General Money Transmitter:

• Business structure and address.
• Personal financial information for the past 5 years.
• Employment history of individuals in charge of licensed activities.

Cost Involved

• Application Fee: Up to $3,000 (set by the Commissioner).
• Net Worth Requirement: $25,000.
• General Bonding Requirements
• Surety bond of $10,000 or equivalent to the last 2.5 outstanding payments, whichever is greater.
• Bonds can amount to no more than $500,000.

Process of application

• Register with FinCEN:
• Register your money services business with the Financial Crimes Enforcement Network (FinCEN).
• Access NMLS Website:
• Visit the NMLS website to access licensing-related application forms and review requirements.
• Document Preparation:
• Prepare all required documents such as a business plan, compliance program, flow of funds, and audited financial statements.
• Pay Fees:
• Pay all associated fees for the application.
• Submission:
• Submit the completed application through the NMLS platform.
• Await Approval:
• Patiently wait for the application to be reviewed and approved, which typically takes around 3 months.