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MSB Licensing Application (USA)
First Name *
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Last Name *
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Designation *
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Company Name (Full legal name) *
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Incorporated in (Name of Country) *
Address 1 *
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Address 2
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Address 3
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City *
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State/Province *
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Postal Code/ZIP Code *
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Phone (including country code and city code) *
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Email *
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Website
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Do you have any experience in the Money Transfer Business? *
Required
Have you ever applied for a money transmitter license in the US? *
Required
Have you ever applied for an Agent relationship with an existing money transmitter license holder in the US? *
Required
Have you ever applied for an correspondent relationship with an existing money transmitter license holder in the US? *
Required
Have you ever applied for an affiliate relationship with an existing money transmitter license holder in the US? *
Required
Have you ever registered with FinCEN (Financial Crimes Enforcement Network)? *
Required
Is your name, the name of your shareholders, office bearers or any member of your immediate family and 1st cousins, etc. on ANY sanctioned or watch-list? *
Required
Briefly describe the nature of your business *
Please be as detailed as you, especially about your requirements and must-haves!
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Briefly describe your problem? What issue are you trying to resolve or find a solution to? *
Your answer
What are some "must-have" features for your solution? *
Your answer
List all the territories in which you are licensed and the type of license you have.
If possible please provide your license number.
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What kind of transactions do you do? *
Please describe what are these transaction types? Are you clearing for someone? are you an intermediary? are these transaction initiated by you? if on-behalf of your clients, are they aggregators?
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Under what business purpose would these transactions be classified? *
Aggregated? Intermediary? B2B (aggregated), B2B (self-origination), P2P, etc. Please provide as much detail as you can.
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Do you currently have access to Banking? *
Please provide name of banks you work with, and in which country/city they are.
Your answer
Is your compliance program ready? *
Please list all the countries.
Required
Describe your compliance program *
Your answer
Do you have a full-time Compliance Officer onboard? *
Your answer
Expected Average value of business (in US Dollars) per month? *
Your answer
Expected volume of business (# of transactions) per month? *
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Expected Average Transaction Size (in US Dollars) *
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Please provide a 12 month revenue projection *
Your answer
Countries you will be sending remittances to (from the US) *
Please list all the countries.
Your answer
Do you have a Business Plan in place? *
Please list all the countries.
Required
Do you have a Flow of Funds diagram ready? *
Please list all the countries.
Required
By when do you need this relationship to be established? *
Your answer
Will you be terminating the transaction in the countries you have listed above or would you be using them for purposes of clearing onward to another country? *
Required
Do you currently have an existing relationship in the country/countries you have mentioned above? *
Required
Do you have the necessary capital to fund a license application &/or a license tie-up? *
License Application Requires a net-worth of US$ 1 Million and free-floating capital of US$ 700,000. For License Tie up, your network worth (audited) must be US$ 300,000 and free-floating capital of US$ 200,000
Required
Describe some of the risk areas associated with your business *
Your answer
How do you plan to handle the KYC for the countries in which you will terminate? *
Please provide detailed answer as to what sort of KYC would be done, validation methods, if biometrics are involved, etc.
Your answer
What sort of payout methods would you be adopting? *
Please provide detailed answer.
Your answer
Who would be providing the FX rates for the beneficiary countries? *
Please provide detailed answer.
Your answer
How do you plan to pre-fund the accounts in various beneficiary country/countries? *
Where does this capital come from?
Your answer
Have you already established a signed tie-up agreement with the licensed operators in the beneficiary countries? *
Where does this capital come from?
Your answer
What currencies would you be dealing in? *
Required
Electronic Acceptance *
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