State Money Transmitter Regulations
Connecticut Money Transmitter Licensing
- All money transmitters are required to be licensed under the Connecticut General Statutes § 36a-595 et seq.
- Applications are required to be submitted via the National Multistate Licensing System (NMLS), with the exception of the Virtual Currency Supplement.
- Difficult to navigate without the help of licensing experts like Cornerstone
- Non-compliance with licensing requirements may result in hefty fines
ct Money Transmitter Requirements
LICENSE
bond
$300k
net worth requirement
$100k
background check
registered agent
The fastest path to a money transmitter License in Connecticut is
Cornerstone Licensing
- Specialists to guide you through the complexities of licensing
- Plans customized to provide the coverage you specifically need
- Experts in helping you reduce liability and avoid costly fines
Key Details
Connecticut Money Transmitter Requirements
Licensing
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Regulatory Authority
The Connecticut Department of Banking mandates all money transmitters to be licensed.
Application Process
If you’d like more information about the application process, contact Cornerstone or visit the state regulating site.
Maintaining Licensing
License holders must maintain ongoing compliance with state regulatory requirements, which include timely reporting, accurate recordkeeping, and adherence to operational and financial standards. Annual renewal is required by 12/31.
Penalties for Non-Compliance
Failure to comply with state regulatory requirements can result in severe penalties, including hefty fines, legal consequences, and potential revocation of the license.
Expert Assistance
With so many possible pitfalls and ways to not have a commecial lending license approved, many businesses utilize licensing experts like Cornerstone to navigate the process successfully.
Bonds
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Bond Requirement
All money transmitters are required to post a surety bond as part of their licensing process and maintain that bond through the entirety of the license being valid. The bond amount is $300,000. Cornerstone can write this bond for you quickly and easily.
Background Check
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Requirements
All applicants for a money transmitter license must undergo a thorough background check. There will be a criminal history assessement, a financial examination, fingerprinting, and other additional items required.
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Webinar
Money Transmitting: Common Licensing Pitfalls and How to Avoid Them
Navigating the complex landscape of state-by-state licensing in the Money Transmitter and Money Service Business (MSB) industry can be daunting. Join us for an engaging and informative webinar, where industry experts will share practical strategies to help you stay compliant, avoid costly mistakes, and manage licensing requirements effectively. Our panelists will discuss common licensing challenges, provide tips to avoid issues, discuss best practices, and answer your burning questions.
Marc Franson
Partner at Chapman & Cutler
Tobias Moon
Partner at Chapman & Cutler
Christy Young Barger
Sr. Director - Licensing at Cornerstone Licensing
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This information is not intended to be, nor is it, legal advice. It is intended for education and information purposes only. This is not meant to be an exhaustive list of requirements. We make no warranty, express or implied, as to the accuracy or reliability of this information. We are not attorneys. You must retain your own attorney to receive legal advice. While Cornerstone strives to provide the most current and accurate state licensing information, the responsibility for any decision related to state licensing or agency compliance is solely yours.