Money Transmitter License Monitoring and Management with ComplyFit

~ Faisal Khan

BitAML is an AML compliance advisory firm that serves the crypto industry. To help the crypto industry stay updated of the changing money transmitter license needs, the company has introduced ‘ComplyFit’.

ComplyFit is a SaaS platform that assists financial institutions identify compliance vulnerabilities and address them in real time. The product is a first of its kind money transmitter license monitoring and management tool that helps crypto businesses track updates to MTL requirements in all 50 states. All ComplyFit users are then updated in real time as to when license update or renewal is due.

Cryptocurrency compliance obligations vary state by state and change constantly and quietly, onerously requiring compliance officers to frequently check in with regulators to ensure they continue to operate in accordance with requirements. That’s why ComplyFit is such a game-changer. For the first time, crypto FIs can manage their license requirements from a single dashboard and receive notifications and real-time customer support.

Joe Ciccolo, Founder BitAML

Other services offered by ComplyFit include transaction monitoring, automated tracking of mission-critical tasks, record keeping and live assistance from compliance professionals.

Find out more about this interesting product here.

Money Transmitter License California

~ Faisal Khan
Licensing Document

Money Transmitter License California is one of the big three licenses. The other two are New York Money Transmitter License and Texas Money Transmitter License. As compared to the other two states, obtaining a money transmitter license in California is tough.

The authority that governs money transmission in California is California Department of Financial Institutions. Whether you’re applying for a new license or want to renew one, go through the requirements listed on the website.

Make sure that you comply with each and every requirement, and provide all documents or else you will be denied the license. To find out more about licensing in California, read these FAQs.

How much do Money Transmitter Licenses Cost?

~ Faisal Khan

All money transmitters are required to be licensed. There are no two ways about it.

When looking to apply for a money transmitter license, the requirements might be different depending on the country and state. For instance, if you’re seeking a money transmitter license in the United States, you will have to register with Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury.

In addition to this , you will also have to fulfill other requirements. These include paying the license fee, providing all the relevant documents, etc. To help you proceed with the application, here’s a short video regarding the money transmitter licenses cost.