Money Transmitter Application Resources
The New York State Department of Financial Services (DFS) is proud to announce that on July 1, 2017, DFS began using the Nationwide Multistate Licensing System and Registry (NMLS) to manage the Money Transmitter License.
Access to NMLS
NMLS is a secure web-based system created by state regulators to provide efficiencies in the processing of state licenses and improve supervision of state-regulated industries. Through NMLS, companies maintain a single record to apply for, amend, surrender and change license authorities in one or more states, and make reports conveniently and safely online.
To access NMLS for the first time, you must complete a Company Account Request Form and identify a Primary Account Administrator and a Secondary Account Administrator. This form can be submitted electronically through the NMLS website in the “Getting Started” section. This form needs to be submitted only once per company, regardless of the number of NMLS participating states in which you are licensed.
Within three days of completing and submitting the Company Account Request Form, the Primary Account Administrator will receive NMLS login information. The Primary Account Administrator will have full rights to access the system, submit information to this agency and other participating state regulators, and set up other company users in the system. Instructions and tutorials on how to access and use the system are also available in the NMLS Resource Center.
Note: If your company already has a record in NMLS, you can omit this step.
Managing Your License on NMLS
Each company holding a DFS Money Transmitter License who wishes to manage their license on NMLS must create a company record in the system. To gain access to NMLS, the applicant must submit a form requesting an NMLS account.
Current New York State Money Transmitters may transition their licenses to NMLS. See the DFS Money Transmitter Transition Checklist for more information.
Submitting a Complete Application
To submit an application and ensure your application is received, acknowledged as complete, and processed, please follow the instructions on the DFS Money Transmitter Checklists. No application shall be deemed to be complete until the Department has received all required information, documents, and fees.
In the process of reviewing and considering the application, DFS may request additional information and supporting documents.
In the application process, an NMLS Identification Number will be assigned to your application. Please maintain a record of this NMLS Identification Number, as it will be used as your application reference number throughout the remainder of the application process. The applicant’s NMLS Identification Number must be included on every hard-copy document submitted to the Department.
Note: If the applicant has already submitted Forms MU1 and MU2 through NMLS for another state, the applicant does not need to re-enter the company record into NMLS. However, the applicant is required to provide jurisdiction-specific information to support its New York State application.
- Bonds - New York Instruments
- Bonds - New York Traveler Checks
- Deposit Agreement
- Financial Statement
- 2018 NMLS Money Transmitter Annual Report Form
- 2018 Non-NMLS Money Transmitter Annual Report Form