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Can I obtain a money transmitter license in New York? What are the requirements?

To obtain a money transmitter license in New York, you must comply with the requirements set forth in the New York Codes, Rules and Regulations (NYCRR) and the New York Banking Law.

Requirements for a Money Transmitter License in New York

According to 3 NYCRR 416.2 and NYCL BNK § 367, all applications submitted for prior approval of the superintendent to become a licensed money transmitter shall be accompanied by information demonstrating that the applicant will maintain an anti-money laundering program that satisfies the requirements set forth in section 416.1 of this Part. Additionally, every applicant shall prove, in form satisfactory to the superintendent that he or it has available for the operation of such business, for each location and for each mobile unit specified in the application, liquid assets of at least ten thousand dollars, and every licensee shall continuously maintain for the operation of such business for each location and for each mobile unit liquid assets of at least ten thousand dollars.

Other Considerations

It is important to note that the New York Banking Law provides that the superintendent may refuse to issue a license if the applicant has not satisfied the requirements of the law or if the superintendent determines that the applicant is not qualified to engage in the business of transmitting money.

Conclusion

To obtain a money transmitter license in New York, you must comply with the requirements set forth in the NYCRR and the New York Banking Law. This includes maintaining an anti-money laundering program and having liquid assets of at least ten thousand dollars for each location and mobile unit specified in the application. [2.1]