MSB License Regulation in West Virginia

Regulator of MSB license in West Virginia

West Virginia Division of Financial Services

Documents required for application:

• Identification and Background Checks:
• Fingerprint and release forms for key personnel.
• Business registration documentation in West Virginia.
• Federal Tax ID and certificate of authority.
• Business Details:
• Physical address of official books and records.
• Description of online or automated mediums used for money transmission.
• Contact Information:
• Details of licensing, compliance, and examination contacts.
• List of states where money transmission is conducted.
• Financial and Legal Disclosures:
• Currency transaction reports and suspicious activity reports.
• Disclosure of civil or criminal proceedings, bankruptcies, and agency actions.
• Tax delinquency disclosures.
• Corporate Structure and Ownership:
• Organization chart for subsidiaries.
• List of principal officers, directors, partners, and 10% owners.
• Additional Documentation:
• Notarized Principal Information Form for key personnel.
• Articles of incorporation or partnership agreement.
• Proof of IRS registration as a money service business.
• Business plan and merchant/delegate information.
• Internal audit program and audited financial statements.

Cost Involved

• License Application Fees:
• License application fee: $1,000.
• Additional location fee: $20 per location.
• Minimum Net Worth Requirement:
• Minimum net worth of $50,000 plus $25,000 per location, up to a maximum of $1,000,000.

Process of application

• Register with FinCEN:
• Ensure your money services business is registered with FinCEN.
• Visit NMLS and West Virginia DFS Websites:
• Read through the requirements on both the NMLS website and the West Virginia Department of Financial Services site.
• Document Preparation:
• Gather required documents such as financial statements, authorized agents list, FINCEN registration details, and bank account details.
• Pay Fees and Prepare Compliance Program:
• Pay all required fees for the application.
• Prepare a compliance and risk management program as required.
• Submit Application:
• Upload all necessary documents via the NMLS portal.

Application Review:

• Await the review of your MTL application, which may take approximately 3-6 months.

Final Approval:

• Once approved, fulfill any remaining requirements and receive your money transmitter license for West Virginia.