MSB License Regulation in Rhode Island
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Regulator of MSB license in Rhode Island
Rhode Island Division of Banking.
Documents required for application:
- Identifying information
- List of all applicant locations
- Resume of designated manager
- Employment history
- Authorization for background check release form
- FBI fingerprint cards
- Personal financial statement
- Applicant history
- State of business organization
- Contact information of Rhode Island attorney
- Corporate charter and organizational documents
- Description of corporate structure
- Resolution authorizing filing of application
- Certificate of Authority or Registration
- Financial statements
- Prospective financial projections
- Rhode Island Business Plan
- Description of business location
- Anti-money laundering compliance program
Cost Involved
- Investigation fee: $180
- License fee for each activity: $360
- Filing fee: $25
- Net worth requirement: $50,000
- Power of attorney execution fee: $25
- FBI fingerprinting fee: $35
Process of application
- Register with FINCEN.
- Ensure you meet the minimum tangible net worth requirement of $50,000.
- Obtain a surety bond in the same amount.
- Create an account on the Nationwide Multistate Licensing System (NMLS) website.
- Review the requirements on both the NMLS website and Rhode Island’s Division of Banking site.
- Prepare all required documents according to the provided checklist.
- Upload your documents alongside your application on the NMLS website.
- Pay the investigation fee, license fees, filing fee, and any other applicable fees.
- Await processing, which typically takes 5 to 6 months.
- Upon approval, fulfill any remaining requirements and receive your Money Transmitter License for Rhode Island.
Money Services Businesses (MSBs) in Rhode Island are regulated by the Rhode Island Department of Business Regulation (DBR). Here are the key regulations and requirements for MSBs operating in Rhode Island:
Licensing: MSBs operating in Rhode Island are required to obtain a license from the Rhode Island Department of Business Regulation. The application process typically involves submitting detailed information about the business, its owners, and its financials.
Surety Bond: Rhode Island 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 Rhode Island 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 Rhode Island. These fees can vary depending on the size and nature of the MSB’s operations.
Renewal: MSB licenses in Rhode Island typically need to be renewed periodically. The renewal process may involve submitting updated documentation and paying renewal fees.
Additional Requirements: Rhode Island may have additional requirements for MSBs, such as maintaining certain minimum net worth or capital requirements.
