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OfficesMSB registration in the USA is a federal regulatory process that officially enrols your business with the FinCEN via Form 107 through the BSA E-filing portal. The portal is overseen by the Department of the Treasury.
With Enterslice, you can register with the FinCEN, appoint a compliance officer, establish an AML infrastructure, and apply for the state MSB license in the USA. Our associates will also help you fulfil your compliance obligation post-license registration.
Obtain complete documentation support- KYC-AML policy drafting, formulate a business plan, prepare financial statements, and obtain a multi-state MSB license in the USA.
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Get expert guidance and assistance for Money service business registration in USA with Enterslice’s fintech experts. Get a license in Delaware, Florida, Wyoming, Texas, and Washington, D.C- easier setup at lower costs and fewer compliance requirements.
Scroll down and find out the types of businesses that need an MSB license in the USA:
These include businesses that buy and sell multiple foreign currencies.
Helping businesses and individuals electronically transmit money to one another, both domestic and international.
Corporations can issue, sell, or redeem money orders, travellers’ cheques, and prepaid cards.
Legal entities that cash for their clients after obtaining an MSB license in the USA.
This includes companies that provide e-money services from one location to another.
Businesses that facilitate electronic payments for online electronic payment transactions for an MSB license in the USA.
Entities dealing in digital or cryptocurrencies should also obtain a money service business registration license in the USA.
Legal entities, after obtaining the MSB license in the USA, can enable individuals and companies to send money to each other directly without any intermediaries.
Scroll down and find out how Enterslice will assist you in obtaining the money service business license. The process of MSB registration in the USA is as follows:
The first step is to prepare all the mandatory documents that are required for Form 107 FinCEN registration. Our associates will assemble all the documents to proceed with the registration through the BSA e-filing system.
We’ll register your company in US with the concerned state authority and assist you in obtaining the Employee Identification Number (EIN) via the IRS. Subsequently, we’ll help you open a bank account and assist you in the AML-KYC framework.
Once the documents are consolidated, we’ll create your account through the BSA E-filing system to submit your application for an MSB license in the USA.
The Department of Treasury will review your application and send the acknowledgement to your registered email if they’re satisfied with your application. Our associates will be in constant communication with the authorities in case they seek any clarification in your application.
Once you’ve received the registration approval, we’ll assist you in appointing a compliance officer for implementing AML-KYC procedures, conducting audits, and related compliance.
Subsequently, we’ll help you develop the regulatory-mandated AML 31 CFR 1022.210 program that would include policies, internal controls, employee training, and independent audits.
As per your state preference, we’ll apply for the license through the nationwide multistate licensing system portal. For example, if you wish to start your MSB business in Delaware, then it has its own mandates for minimum capital requirements and surety bonds. The portal also facilitates the filing of a license in multiple states via their portal, streamlining the process.
The state authorities will examine your documents and conduct a background verification by assessing your fingerprints and criminal records. They’ll also evaluate the effectiveness of your AML and KYC protocols.
Once satisfied, the authority will grant you the USA MSB license, authorizing you to start your business operations with continued compliance.
The timeline for obtaining the MSB license in the USA is as follows:
Prepare documents and gather details, including basic incorporation documents, AML-KYC policy, financial statements, business plan, minimum capital deposit, and surety bond.
If you don’t have a registered legal entity in the USA, then first we’ll have to register your company with the concerned Secretary of State or Department of corporation, register for EIN with the IRS, and open a bank account. Some banks that provide the fastest services include Mercury, Relay, and Wise Business for foreigners.
Apply for federal registration with the Department of the Treasury via the BSA E-filing system. Remember- the registration itself doesn’t entitle you to operate as an MSB in the USA. You’ll have to obtain a separate state license for the same.
Depending on your state, the average time to process and examine an application for an MSB license in the USA differs based on your business activity and state norms.
Once the authority is satisfied, they will issue the certificate of MSB registration in the USA for the concerned state.
The list of documents required for an MSB license in the USA is as follows:
Identity proof of directors and shareholders
Fully completed Form 107
Company incorporation details
Employer identification number (EIN)
Identification & Address of the Compliance Officer
Description of the business activity
Articles of Association
Memorandum of Association
EIN (IRS CP 575)
Business Plan
A flow diagram of the Funds
Organizational structure of the company
Audited financial statements
KYC-AML policies
Passport copies of all directors and promoters
A CA-certified net worth certificate
Risk-management policies
An intent to operate reference letter from a bank
Registered business address- lease agreement
The benefits of getting a money services business registration in USA include compliance, increased credibility, global business expansion, and enhanced competitive edge. Some key benefits are as follows:
With registration with the Financial Crimes Enforcement Network (FinCEN) and a state-level license, you can demonstrate your compliance with Anti-Money Laundering (AML) and KYC policies. This strict adherence protects the interests of your investors and clients.
A registered financial service provider can establish a high sense of customer trust and credibility in the market. Investors also prefer a company that is regulated by a government authority. The MSB license in the USA increases the turnover of customer acquisition.
With a single money service business registration in the USA, you can provide a wide range of business activities, including cryptocurrency, currency exchange, money order services, payment processing, e-money transfer, and peer-to-peer transfer services. With so many options under one license, you scale your business operations and generate huge profits.
Businesses with an MSB license in the USA can leverage their registration and compliance to demonstrate their continuous and strict adherence to attract customers and investors in the market.
The federal criteria for MSB registration in the USA include mandatory registration with the FinCEN and KYC-AML compliance. Some key requirements for the federal money service business registration are as follows:
Explore the criteria for state registration of the USA MSB license, as explained below:
Check out how Enterslice will help you fulfil the compliance after money service business registration in USA by assisting you in:
We are the world’s leading fintech consulting and compliance management company. Get the best solution to streamline your experience for money service business registration. Below are the reasons why Enterslice is the best choice for an MSB license in the USA:
The state fee structure ranges from USD 500 to 5000, depending on the individual state rules. However, there are no fees in the state of Montana. There’s no state license required for the USA MSB license as long as you operate in Montana.
The following compliance obligation with the Financial Crime Enforcement Network:
No, there’s no application or registration fees for federal registration with the Financial Crime Enforcement Network. The FinCEN Form 107 will help you obtain the registration number and list it in the federal database.
The Financial Crimes Enforcement Network (FinCen) is the federal authority that oversees the registration of money service business licenses in the United States of America.
Companies that want to engage in the business of transmitting currency, funds, or financial instruments from one individual or artificial person to another in the same or different location. Such companies must obtain the USA MSB license because it is mandatory to comply with:
The FinCEN can enforce the following:
You can secure MSB license in the USA in 3 to 4 weeks.
The money services business registration in the USA applies to the following economic activities:
Follow the steps below to obtain a money services business registration in the USA:
The applicant must demonstrate proper compliance with Anti-Money Laundering and Know Your Customer (KYC) protocols with the Financial Crimes Enforcement Network (FinCEN).
Subsequently, they’re also required to adhere to state regulations. The authorities investigate the applicant’s background and financial stability.
The key laws and regulations that govern the money services business registration in the USA are as follows:
The best states in the USA for money services business registration include Delaware, Florida, Washington D.C., Wyoming, and Texas. These states offer the lowest cost, fewer regulatory compliance requirements, and simplified registration.
It is a process that allows businesses to operate in multiple states through a single license. The regulator conducts a single review of the company’s business plan, ownership, and risk-management framework. The review is conducted through the Multi-State Money Services Businesses Licensing Agreement (MMLA).
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