MSB License Regulation in Hawaii

Regulator of MSB license in Hawaii

Hawaii Division of Financial Institutions “DFI”

Documents required for application:

Applicants seeking a money transmitter license in Hawaii must provide the following documents:

• Other Trade Name
• Proposed Hawaii Branch Locations List
• Clearing bank(s) legal name(s) and address(es)
• Financial Statements
• Business Plan
• Certificate of Good Standing
• Management Chart
• Organizational (Ownership) Chart/Description
• Anti-Money Laundering Program (AML)/Office of Foreign Assets Control (OFAC) Policy
• Information Technology Security details
• Electronic Surety Bond
• FBI and Hawaii Criminal Background Check (CBC) Requirements
• Third-Party Investigative Background Checks (if applicable)
• Authorized Agents (Delegates) Locations
• Sample Authorized Delegate Contract
• Sample Forms of all Payment Instruments used in Applicant’s business

Cost Involved

• A $5,000 non-refundable application fee and a $5,000 refundable initial license charge in the event that the applicant is not granted a license.
• A minimum net worth of $1,000 and a $10,000 bond (or another irrevocable letter of credit, security device, or comparable instrument that is acceptable to the commissioner).

Process of application

• Meet the Requirements for Net Worth

In order to qualify for a money transmitter license in Hawaii, an individual must maintain a minimum net worth of $1,000 at all times. Include an audited financial statement at the time of license application submission to attest to the net worth.

• Invest in a Surety Bond

Applicants for a money transmitter license for the first time are required to post and maintain a $10,000 surety bond.

• Establish an NMLS Profile

The application for a Hawaii Money Transmitter License is electronically submitted via the Nationwide Multistate Licensing System (NMLS).

• Finish the Application Process

All applications for Hawaii Money Transmitter Licenses are submitted electronically via the NMLS, where the applicant must attach all required documentation.