Alaska Money Transmitter Licensing Requirements:
Who needs to be licensed as a money transmitter licensee?
Under Alaska statute, money transmitters do not need to register in Alaska if already registered in a state that accepts the Model Code. Otherwise, those who sell or issue payment instruments or receive money or monetary value for transmission must obtain a money transmitter license with the state.
Specific license requirements for Alaska money transmitters.
In Alaska, registration requirements differ depending on whether the money transmitter provides general or corporate services.
General money transmitter Registering as a general money transmitter in Alaska requires the following fees and documentation:
Corporate money transmitter
Registering as a corporate money transmitter requires the following fees and documentation:
What are the Alaska surety bonding requirements?
Bonding requirements for Alaska money transmitters include:
Additional resources: Alaska Uniform Money Services Act
Who needs to be licensed as a money transmitter licensee?
Under Alaska statute, money transmitters do not need to register in Alaska if already registered in a state that accepts the Model Code. Otherwise, those who sell or issue payment instruments or receive money or monetary value for transmission must obtain a money transmitter license with the state.
Specific license requirements for Alaska money transmitters.
In Alaska, registration requirements differ depending on whether the money transmitter provides general or corporate services.
General money transmitter Registering as a general money transmitter in Alaska requires the following fees and documentation:
- $500 application fee + $100 for each additional location
- $500 license fee + $50 for each additional location
- License history in other states
- List of delegates conducting activities in Alaska (including contact information and Alaskan business license number)
- Sample of an authorized delegate contract
- Description of money transmission services to be provided
- Proof of FinCEN registration
- History of criminal convictions or material litigation within last 10 years of application. History of those with ownership interest in application.
- Sample of payment instrument
- Names and addresses of banks through which payment instruments and stored value will be paid. Description of the source of money and credit to be used by applicant to provide money services.
- Documents establishing minimum net worth of $25,000
- List of type and amount of permissible investments, no less than the aggregate face amount of all outstanding payment instruments and stored value issued or sold by licensee in the US
- Information concerning bankruptcy receivership affecting applicant
- Information for those responsible for licensed activities
- Documentation indicating place and date of applicant’s registration and qualifications to do business in Alaska
- Audited financial data
- State regulator questionnaire
Corporate money transmitter
Registering as a corporate money transmitter requires the following fees and documentation:
- Corporate information as provided in the model code
- Contact information of each officer, key shareholder, and officer or manager in charge of licensed activities (employment history, convictions, and litigation).
- Audited financial statements for preceding two years of corporate, subsidiary, or international parent company.
- Copies of SEC filings
What are the Alaska surety bonding requirements?
Bonding requirements for Alaska money transmitters include:
- $25,000 surety bond, LOC, or similar security
- $5 for each additional location, not amounting to more than $150,000
Additional resources: Alaska Uniform Money Services Act
