MSB License Regulation in Alaska

Regulator of MSB license in Alaska:

Alaska Division of Banking & Securities

Before starting the process:

• You must have a real net worth of at least $25,000 to qualify.
• You must submit a surety bond worth at least $25,000, plus an extra $5,000 for each extra location, up to a total of $150,000.

Documents required for application:

When applying for your license in Alaska, you must provide the following documents along with your application:

• Audited Financial Records
• Credit Report (with accompanying explanation)
• Business Plan
• Banking Information
• Policy for Bank Secrecy Act/Anti-Money Laundering (BSA/AML)
• Alaska Business License
• Details on Funds Flow
• Company Incorporation Documentation

Cost Involved

You have to pay an application fee, a renewal fee, a safety bond, proof of net worth, and other fees in order to get a money transmitter license.

Process of application

1. Before applying for a money transmitter license, all companies that deal with money have to register with FinCEN.
2. You can get all entry forms for licenses from the NMLS website. Before you start to fill out the application, make sure you read the instructions and look over the forms.
3. Before you apply for a money transfer license, make sure you have all the paperwork you need. Some of these are a company plan, a compliance program or manual, the flow of funds, audited financial statements, and so on.
4. The next thing you need to do is pay all the fees and make sure your application is complete.
5. You will have to wait for your license to be accepted after you have sent in your application and paid the fee. Based on your case, the wait time could be anywhere from 6 to 12 months.