Www mymoney8/1/2023 Carroll’s attention at the above address. The fee may also be sent as a check made out to the Department of Financial Protection and Innovation to Mr. The non-refundable fee of five thousand dollars ($5,000) may be sent as an ACH transfer. The successful applicant will be able to demonstrate a working knowledge of the laws and regulations that govern money transmitters and be ready to present a proposed business plan.Īpplications may be filed via the NMLS, instructions for which can be found on the New Application Checklist for new license applications and the Amendment Checklist for acquisition of control applications.Īpplications for a new money transmitter license may also be completed using DFPI 2110 (linked below) and sent as PDF attachments to an email addressed to Patrick Carroll at Completed applications may also be sent in hard copy to: Patrick Carroll, Licensing & Information Reporting Manager, Department of Financial Protection and Innovation, One Sansome Street, Suite 600, San Francisco, CA 94104-4428. For acquisition of control applicants, this step is highly recommended, especially if the applicants are not known to the Money Transmitter Division staff. The Department recommends these meetings occur in-person at the San Francisco Office, however other arrangements are acceptable. The filing fee is five thousand dollars ($5,000) for a new license and is not refundable in the event an application is incomplete or inadequate. The meeting also helps prospective applicants prepare an application that meets all the requirements of California and federal law. The purpose of the pre-filing meeting is to answer the prospective applicant’s questions about the process and regulatory requirements, and to help the DFPI process the application in a timely manner. Jonathan Lee at (213) 435-3921 or by email at or Laura Lopez-Rakauskas at (213) 200-1800 or by email at to arrange for a copy of pre-filing materials and make an appointment. The prospective applicant may contact Mr. Once the prospective applicant for a new money transmitter license or acquisition of control understands the laws and regulations that govern money transmission in California, it is highly recommended that the applicant arrange for a pre-filing meeting with the Money Transmitter Division staff. The Department is a member of the Money Transmitter Regulators Association (MTRA). Examinations, Special Reports, and RecordsĬhapter 8. The guidance does not replace or supersede the regulations.Chapter 7. This guidance is intended to clarify general issues arising under 31 CFR Chapter X (formerly 31 CFR Part 103). FinCEN Announces Electronic Filing For MSB Registrations.Civil and criminal penalties may be imposed for violation of the registration requirement. Re-registration is required in limited circumstances.Ī copy of the filed registration form and other supporting documentation must be retained at a location in the United States for a period of five years. Registration must be renewed every two years. The form, Registration of Money Services Business, FinCEN Form 107, must be completed and signed by the owner or controlling person and filed within 180 days after the date on which the MSB is established. Registration of an MSB is the responsibility of the owner or controlling person of the MSB and must be filed by the registration deadline. A person that is an MSB solely because that person serves as an agent of another MSB is not required to register. With few exceptions, each money services business (MSB) must register with the Department of the Treasury. For more information about mandatory E-Filing, please see our Frequently Asked Questions (FAQs), and the E-Filing webinar. Institutions are strongly encouraged to begin using the BSA E-Filing System as soon as possible. NOTICE: On February 24, 2012, the Financial Crimes Enforcement Network (FinCEN) issued a final notice requiring the electronic filing of most FinCEN reports by July 1, 2012.
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |