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Country guide · Americas

🇺🇸 Financial licensing in United States

Mixed federal and state system: state money transmitter licences, FinCEN MSB registration and bank charters.

There is no single national licence for most payment or crypto businesses. Money transmission generally requires licences in each state where customers are served (many states use NMLS), plus FinCEN registration as a money services business. Banks can be chartered federally (OCC) or by states, with FDIC insurance for deposits.

Regulators

  • Nationwide Multistate Licensing System (NMLS)

    Platform used by many state regulators for money transmitter licensing

    Official website

  • Financial Crimes Enforcement Network (FinCEN)

    MSB registration and BSA/AML

    Official website

  • Office of the Comptroller of the Currency (OCC)

    Charters and supervises national banks

    Official website

Licence and authorisation types

Money transmitter / MSB

State money transmitter licences + FinCEN MSB

Regulator
Nationwide Multistate Licensing System (NMLS)
Permitted activities
Money transmission, stored value and (in many states) virtual currency transmission.
Minimum capital
Net worth and surety bond requirements set per state — Verification required.
Ownership, management & substance
State-specific; control persons subject to background checks.
Application procedure
Apply per state, often via NMLS; register with FinCEN as MSB.
Government fees
Per state — Verification required
Indicative timeline
No reliable published estimate
Limitations
Multi-state licensing burden; some firms use sponsor banks or agent-of-payee structures.
Legal basis
State laws; 31 CFR 1022

Banking licence

National bank charter

Regulator
Office of the Comptroller of the Currency (OCC)
Permitted activities
Full banking business.
Minimum capital
Set during chartering — Verification required.
Ownership, management & substance
US presence; FDIC insurance application required for deposit insurance.
Application procedure
OCC charter application per Comptroller's Licensing Manual.
Government fees
Verification required
Indicative timeline
No reliable published estimate
Limitations
State charters are an alternative.
Legal basis
National Bank Act