MSB License Regulation in Delaware

Regulator of MSB license in Delaware

Office of the State Bank Commissioner

Documents required for application:

When seeking a money transmitter license in Delaware, the necessary documents for your application encompass:

• Business plan
• Organizational chart
• Bank account details
• Flow of funds documentation
• Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) Policy
• Audited financial statements
• Any additional trade names used
• Information on registered agent
• Primary contact personnel
• Non-primary contact personnel

Cost Involved

• $100,000 as a minimum net worth requirement
• $172.50 investigation fee plus $230 licensing fee per location plus $4.60 per additional agent
• There is a $1,000 charge for books and records located in Delaware, and a $500 fee for those located outside of Delaware.
• Surety bond of $25,000 or letter of credit
• $5,000 per additional location, with a maximum expenditure of $250,000.
• Bond expiration cannot occur prior to license expiration.

Process of application

Ensure you have the necessary time and financial resources to obtain a money transmitter license.

• Begin by registering your money services business with FinCEN.
• Create an account on the NMLS to initiate your application process.
• Visit the regulator’s website and thoroughly review the Delaware code pertaining to money transmission regulations.
• Prepare all required documents for submission along with your application.
• Pay the applicable fees and submit your completed application.
• Await approval from the regulator, bearing in mind that typical processing times range from 6 to 8 months, varying based on individual cases.