MSB License Regulation in Georgia

Regulator of MSB license in Georgia

Georgia Department of Banking and Finance.

Documents required for application:

• Statement outlining fees for money transmission services
• List of agents operating in Georgia
• List of states where the business is currently licensed for money transfer
• Name and address of service agent in Georgia
• Biographical Statement and Consent form for directors, officers, managers, and owners, including detailed personal and professional history
• Independent credit report for directors, officers, managers, and 10% owners
• Fingerprint card and fee ($44.25) for each relevant individual
• Copy of Certificate of Authority and business license from Georgia
• Legal documents such as Certificate of Incorporation, Partnership Agreement, and bylaws
• Financial documents like Statement of Assets and Liabilities, profit and loss statement, or latest tax return
• Valid email address and contact information for designated person
• Location of business records
• Website URL
• Description of business activities in Georgia
• Nature of money transmission services provided
• Disclosure of criminal or civil investigation history
• List of business locations in Georgia
• List of depository institutions holding business accounts
• Sample receipt or acceptance document for money transfers
• Copies of FinCEN and IRS registrations as a Money Services Business (MSB)
• Anti-money laundering and Bank Secrecy Act compliance program documentation
• Process for agent approval and monitoring
• Background checks for agents and employees if the applicant’s home state is not Georgia

You can also check document requirement on: https://mortgage.nationwidelicensingsystem.org/slr/PublishedStateDocuments/GA-Money-Transmitter-Company-New-App-Checklist.pdf

Cost Involved

• The $2,150 fee for a GA license or registration includes:
  • $1,900 GA license fee every year: $250 GA investigation fee
  • $15 for each person in charge
  • An FBI criminal background check for a MU2 person costs $36.25 each.
  • A fee of $0.25 per year for each current authorized agent or delegate location
• You will need to submit the surety bond between $100,000 and $2,000,000

Process of application

• Check out the sites for GA and NMLS.
• If you want to apply for the first time, you need to read the Georgia NMLS website page and the state regulator’s money transfer page.
• You can get the MTL app here.
• Get the Company Form (MU1) and fill it out. The Georgia license application is also a useful tool for getting ready before you send in your application.
• Get all of your papers together.
• Gather and fill out all the papers that are needed for the application.
• Submit fee for money transmitters
  • The $2,150 fee for a GA license or registration includes:
  • $1,900 GA license fee every year: $250 GA investigation fee
  • $15 for each person in charge
  • An FBI criminal background check for a MU2 person costs $36.25 each.
  • A fee of $0.25 per year for each current authorized agent or delegate location
  • Application for a surety bond for Georgia MTL
• You will need to send an electronic copy of a surety bond along with your application. It’s between $100,000 and $2,000,000
• Send in your application
• Before you hit “submit,” make sure that everything is correct. Remember that if your application is turned down because you forgot to include an important paper, you will have to pay the fees and go through the whole process again.
• Wait for the approval.
• If you are lucky, you might be able to get a license to send money in 4 months. Most people have to wait between six and eight months.