MSB License Regulation in Arkansas

Regulator of MSB license in Arkansas

Arkansas Securities Department

Documents required for application:

In Arkansas, you need to send the following things with your application in order to get a money transfer license:

• Forms for forming a company
• Financial Statements for the Business Plan
• Information about a bank account
• Information about authorized delegates
• Different types of contact details
• AML/BSA policy
• Flow of Funds
• Internal policies of the company

Cost Involved

If you want to get a license to send money in Arkansas, you will need to meet the following cash requirements:

• Show that your business is worth $50,000.
• Get a $10,000 security bond ready.

Process of application

To apply for a money transmitter license in Arkansas, follow the procedures below:

1. Register your business with FinCEN. Every money services business must register with FinCEN before applying for a money transmitter license from their state regulator.
2. Next, start your application using the NMLS licensing system. Go through the licensing form, review the requirements, and begin putting everything together.
3. Gather all of your documentation. When filling out the application, make sure you have all of the necessary paperwork ready. Failure to do so may result in a delayed application, and your wait time may be significantly increased.
4. Meet all financial conditions. Pay all applicable fees and ensure that nothing is missing.
5. Apply for a license. Fill out the form, attach all necessary documents, and submit it. When it is received, you will be given an anticipated time for when you can expect a response from the regulator. If necessary, they will contact you to give additional information or paperwork.
6. Wait for a response from the regulator. The average wait period is 6 to 12 months, although this may vary based on your specific circumstance.