MSB License Regulation in Puerto Rico

Regulator of MSB license in Puerto Rico

Office of the Commissioner of Financial Institutions.

Documents required for application:

• Audited financial statements
• Company structure documentation
• AML / BSA Policy
• Business plan
• Good standing certificate
• Company formation documents
• Management chart

Cost Involved

• Net Worth: Minimum of US$ 500,000
• Surety Bond: US$ 500,000 for the first office, plus US$ 10,000 for each additional office
• Liquid Assets: US$ 100,000
• Application Fee:
• Between January 1st & June 30th: US$ 2,500
• Between July 1st & December 31st: US$ 1,250

Process of application

• Register on the NMLS licensing system.
• Prepare all required documents according to the checklist provided for Puerto Rico Money Transmitter License.
• Ensure you meet the financial requirements including net worth and surety bond.
• Complete and submit the application form along with all required documents.
• Pay the application fee as per the schedule provided.
• Undergo a rigorous background check as part of the licensing process.
• Wait for the licensing process to be completed, which typically takes six to eight months.
• Upon approval, fulfill any remaining requirements and receive your Money Transmitter License for Puerto Rico.