MSB License Regulation in Alabama

Regulator of MSB license in Alabama:

Alabama Securities Commission

Documents required for application:

To complete your application for a money transmitter license in Alabama through NMLS, you’ll need to provide the following documentation:

• Credit Report
• Staffing Details and Internal Policies
• Certificate of Authority or Good Standing Certificate
• Sample Contracts for Consultants and Third-party Providers, as well as Authorized Agents
• Surety Bond
• Bank Account Information
• Business Plan
• Organizational Chart
• Audited Financial Statements
• Contact Details for Key Employees
• Company Formation Documents
• Information on Registered Agent
• Any Other Trade Names Used
• Details of Authorized Delegates’ Locations (if applicable)
• Verification of Experience
• Flow of Funds Description

Cost Involved

To initiate the process for obtaining a money transmitter license in Alabama, you’ll be responsible for covering various government fees. This includes an initial application fee amounting to $1,000, as well as meeting the requirement for a minimum surety bond valued at $100,000.

Process of application

To begin the process of applying for a Money Transmitter License in Alabama, start by registering your business with FinCEN. Then, visit both the Alabama Securities Commission and the NMLS website to review the necessary requirements. Following that, upload all requested documents, which include but are not limited to:

• Company formation documents
• Financial statements
• Report on authorized agents, if applicable
• Disclosure of any other trade names being used
• Listing of the registered agent
• Contact information for primary employees
• Details of FinCEN registration
• Bank account particulars
• Submission of a comprehensive business plan and flow of funds

Additionally, ensure all fees specified in the cost breakdown are paid. Develop a compliance and risk management program as part of your application process. Once all requirements are fulfilled, submit your application and await processing, which may take up to 12 months before receiving your license.