Shipkevich Bitcoin and ICO Attorney

New York

Who needs to register?

Under New York statute, those engaging in the business of selling or issuing checks, or receiving money for transmission or transmitting money, must obtain a money transmitter license.

 

Who is the regulator?

New York Department of Financial Services

 

What are the money transmitter license requirements?

To apply as a New York money transmitter requires the following fees and documentation:

  • Applicant’s name, address, federal Taxpayer Identification Number, date and place of incorporation.
  • Information regarding history of applicant and business
  • Information regarding principal officers, directors, and 10% equity security owners
  • Information regarding operations, including the jurisdictions in which the applicant proposes to operate, the mode of operation for conducting transmissions, and a written submission of the applicant’s general procedures for entering into agency contracts to engage in money transmission in New York
  • An alphabetical listing of agents in New York, showing full names and addresses and assigned identification number
  • A specimen copy of the proposed agency contract between the applicant and its agents
  • Information disclosing any legal proceedings, criminal or civil, brought against the applicant, director, principal officer, or 10% equity security officer
  • Information regarding financial statements for two fiscal years of operation before application
  • Projection for the two years of operation in New York, including quarterly receipts and the expected number of transmissions, a pro forma balance sheet and profit and loss statement of retained earnings
  • Documentation of an anti-money laundering program that complies with federal anti-money laundering laws
  • Fingerprints for every applicable partner, officer, director, stockholder and owner of an applicant for all individuals not currently employed by a licensee
  • Background investigation reports
  • FinCEN registration, confirming registration as a Money Services Business

 

What are the general bonding requirements?

Bonding requirements in the state of New York are determined by the superintendent, but do not exceed $500,000.

 

Additional resources:

Transmitters of Money Act

 

 

Disclaimer: Information provided by Shipkevich, PLLC and any of its affiliated web pages is for general educational purposes only, and should not be taken as legal advice.