Who needs to register?
Under Oklahoma statue, any person who engages in the business of accepting currency or funds denominated in currency and transmits the currency or funds or the value of the currency or funds by any means through a financial agency or institution, a Federal Reserve Bank or other facility of one or more Federal Reserve Banks, the Board of Governors of the Federal Reserve System or both, or an electronic funds transfer network must obtain a money transmitter license.
Who is the regulator?
Oklahoma Department of Banking
What are the money transmitter license requirements?
To obtain a money transmitter license in the state of Oklahoma requires the following fees and documentation:
- $3,000 application fee, $2,000 license fee, plus an additional $50 for each authorized delegate
- Net worth minimum requirement: 1-50 delegates: $275,000; 51-300: $500,000; 301-800: $1,500,000; more than 800: $3,000,000
- Identifying information
- Five year history of criminal convictions and material litigation
- Description of any current money transmitter service and the money transmitter service sought in the state
- List of proposed authorized delegates and their locations in the state
- List of other money transmitter licenses and any revocations, suspensions, or other disciplinary action in the last ten years, including year of license, issuing agency, and contact information for the regulatory contact in each state
- Ten year bankruptcy and receivership history
- Source of money and credit used to provide the money transmitter service
- Date and location of incorporation and formation, certificate of good standing
- Organizational structure, parents and subsidiaries
- Five year employment history of each executive officer, manager, director, or control person with 25% of control; ten year history of any criminal convictions and material litigation
- Copy of most recent audited financial statements and the two year period preceding if available
- Unconsolidated financial statements for current year and two years prior
- If publicly traded company, provide most recent SEC report
- Wholly owned subsidiaries: parent’s most recent SEC report and audited financial statements
- Name and address of agents registered in the state
- Proof of registration as a Money Services Business with Treasury
- Anticipated number of locations utilized for money transmission in Oklahoma during first year
- All websites operated by applicant for money transmitter license
- All other licenses held in Oklahoma
- Pending or outstanding regulatory actions against applicant, affiliates, and principals
- Latest year that tax returns were filed
- Denials or revocations of letters of credit in connection with Money Service Business
- Description of procedures and system used to check names of customers against list of names maintained by Office of Foreign Assets Control
- Summary of anti-money laundering policies and procedures
- Contact information for the following responsibilities: president, chief financial officer, BSA AML Compliance Officers, regulatory issues, accounting firm, legal firm
- Good standing of authorize delegate accounts
- Name of financial institution primarily used in connection with money transmission operations
- Sample authorized delegate contract
- Authority to Collect and Release Information form plus a $50 fee
What are the general bonding requirements?
A $50,000 bonding requirement is required in Oklahoma, with an additional $10,000 for each location, not amounting to more than $500,000.
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.