MSB License Regulation in Oklahoma

Regulator of MSB license in Oklahoma

The Oklahoma Banking Department

Documents required for application:

• Identification information
• Five-year history of criminal convictions and material litigation
• Description of current and sought money transmitter services
• List of proposed authorized delegates and their locations
• History of other money transmitter licenses and disciplinary actions
• Ten-year bankruptcy and receivership history
• Source of funds and credit for money transmitter service
• Certificate of incorporation and formation
• Organizational structure details
• Employment history of key personnel
• Audited financial statements
• Unconsolidated financial statements
• SEC reports if applicable
• Agent registration details
• Proof of MSB registration with Treasury
• Anticipated locations for money transmission
• Applicant-operated websites list
• Other licenses held in Oklahoma
• Pending regulatory actions information
• Tax return filing history
• Letters of credit information
• Anti-money laundering policies summary
• Contact information for key responsibilities
• Authorized delegate account status
• Primary financial institution details
• Sample authorized delegate contract
• Authority to Collect and Release Information form

Cost Involved

• Application fee: $3,000
• License fee: $2,000
• $50 for each authorized delegate
• Bonding requirements: $50,000, with additional $10,000 for each location up to $500,000

Process of application

• Ensure your MSB is registered or updated with the Financial Crimes Enforcement Network (FinCEN).
• Review the Oklahoma Money Transmitter License requirements on the regulator’s website and the Nationwide Multistate Licensing System.
• Gather and prepare all necessary documents for the application process.
• Create an account on the NMLS website.
• Complete and submit the application along with required documents through the NMLS platform.
• Pay all applicable fees, including the application fee, license fee, and delegate fees.
• Await approval of your license application, which typically takes 3 to 4 months.