MSB License Regulation in Washington DC

Regulator of MSB license in Washington DC

Washington State Department of Financial Institutions (DFI)

Documents required for application:

• Business Information:
• Business location in D.C.
• Certified resident agent details.
• Location of books and records.
• Compliance Documentation:
• List of similar licenses.
• Description of money transmitting activity.
• FinCEN registration number.
• Financial and Legal History:
• FEIN/SSN.
• History of convictions, civil actions, and bankruptcy proceedings.
• Details of administrative actions or discipline.
• Financial Statements and Tax Certificates:
• Financial statements.
• Tax Registration certificate.
• Operational Details:
• Proposed authorized delegates, locations, and contracts.
• Sample transmittal instruments.
• History of operations and activity description.
• Banking Information:
• Name and address of clearing bank(s).
• SEC filings.

Cost Involved

• Application Fees:
• $500 application fee.
• $25 for each location in D.C., up to a maximum of $2,500.
• Investigation Fees (if applicable):
• $60 per hour per person, plus travel time and incurred costs.

Process of application

• Gather Required Documents:
• Collect all necessary documents as outlined above.
• Ensure Compliance:
• Ensure compliance with all legal and financial requirements.
• Submit Application:
• Submit the completed application along with required fees to the appropriate authority.
• Wait for Review:
• Wait for the application to be reviewed by the regulatory authority.
• Address Any Queries:
• Address any queries or requests for additional information from the regulatory authority promptly.
• Await Decision:
• Wait for the decision on the application.
• Bonding Requirements:
• Obtain the required surety bond(s) as per the bonding requirements outlined.
• Alternative Security Device (if applicable):
• Consider alternatives to surety bond as per regulations.
• Finalize Licensing:
• Once approved, finalize the licensing process and ensure all requirements are met for commencement of operations.