MSB License Regulation in Missouri

Regulator of MSB license in Missouri

Missouri Division of Finance

Documents required for application:

• Completed Missouri Money Transmitter License Application.
• $300 license fee and $100 investigation fee.
• List of all Missouri business outlets.
• Application signed before a public notary.
• Documentation of business and residential addresses for officers, directors, partners, and proprietors.
• Audit certified by a CPA, including financial statements such as balance sheet, income statement, and statement of changes in financial position.
• Copy of Bank Secrecy Act Registration of Money Services Business form and Certificate of Compliance or Statement of exemption.
• Identification information and contact information of the preparer.
• High Daily Transmission form (affidavit with a number signed before a notary).
• Proof of solvency form: notarized affidavit stating assets related to checks, demand deposits in federally insured depository institutions, cash on hand and with agents, marketable securities, and the names of institutions used.

Cost Involved

• License fee: $300.
• Investigation fee: $100.
• Surety bond: $100,000.

Process of application

• Register your business with FINCEN.
• Create an account with the Nationwide Multistate Licensing System (NMLS) and fill out the online application form.
• Ensure you have all required documents ready before filling out the application.
• Review the state laws and visit the Missouri Division of Finance’s website for any updates or additional requirements.
• Pay the required fees associated with the application.
• Submit the completed application through the NMLS platform.
• Wait for approximately 3 to 4 months to receive a response from the authorities.