MSB License Regulation in Pennsylvania
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Regulator of MSB license in Pennsylvania
Pennsylvania Department of Banking and Securities
- Documents required for application:
- Financial Statements (audited for three years)
- Interim Financial Statement
- Internal Audit Plan and Policies
- Business Plan/Strategic Plan
- Organizational Chart
- Organizational Documents
- Equity Transactions History
- Software Rights Documents
- Resumes of Current and Proposed Officers/Directors
- Investor/Purchaser Plans
- Future Growth Management Plans
- Bank and Insurance References
- Operating Budget
- Management and Employee Manuals
- Operating Policies and Procedures
- Loans to Employees and Officers
- Aged Delinquent Agents List
- MSB Registration Proof
- Bond or Deposit Agreement
- External Audit Reports
- Transaction Flow Chart
- Business Information (name, D/B/A name, Federal ID)
- Articles of Incorporation or Operating Agreement
- Website Information
- Internet Money Transmission Description
- Telephone Service Provider Proof
- Contact Information for Various Responsibilities
- Personal Information and Criminal History Request for Key Individuals
- List of Other Business Entities and Interchange Information
- Depository Information in Pennsylvania
- Agent Information
- Transmittal Instrument Samples
- Fee Schedule
- List of States where the Applicant Operates
- Clearing or Paying Bank Information
- Disclosure of Criminal History of Key Individuals
- National Fingerprint Cards and Criminal Record Checks
- Five-Year Employment History of Key Individuals
- Designated Pennsylvania Agent Affidavit
Cost Involved
- License fee: $2,000
- Application fee: $500
- Investigation costs borne by the licensee
Process of application
- Ensure your business is registered with FinCEN.
- Review the requirements on the Pennsylvania Department of Banking and Securities and NMLS websites.
- Create an account on the NMLS website.
- Gather and prepare all necessary documents.
- Submit the application electronically on the NMLS website.
- Upload all required documents alongside the application.
- Pay the application fee.
- Wait for five to six months for application approval.
Money Services Businesses (MSBs) in Pennsylvania are regulated by the Pennsylvania Department of Banking and Securities. Here are the key regulations and requirements for MSBs operating in Pennsylvania:
Licensing: MSBs operating in Pennsylvania are required to obtain a license from the Pennsylvania Department of Banking and Securities. The application process typically involves submitting detailed information about the business, its owners, and its financials.
Surety Bond: Pennsylvania may require MSBs to post a surety bond as part of the licensing process. The bond amount varies depending on the type and volume of transactions conducted by the MSB.
Compliance: MSBs must comply with all relevant federal regulations, including the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regulations. This includes implementing robust compliance programs, conducting customer due diligence (CDD), and reporting suspicious activities.
Reporting: MSBs operating in Pennsylvania are required to report certain transactions to regulatory authorities, such as large cash transactions or suspicious activities that may indicate money laundering or other illegal activities.
Fees: There are typically fees associated with applying for and maintaining an MSB license in Pennsylvania. These fees can vary depending on the size and nature of the MSB’s operations.
Renewal: MSB licenses in Pennsylvania typically need to be renewed periodically. The renewal process may involve submitting updated documentation and paying renewal fees.
Additional Requirements: Pennsylvania may have additional requirements for MSBs, such as maintaining certain minimum net worth or capital requirements.
