Remit Licensing / Questions and answers
Questions and answers · Remit Licensing
What people ask Remit Licensing before a quote: the authority, the capital, the fees, the file and what happens after the licence.
The application
How do I get a quote?
Ask for a quote on this site or book a free 20-minute call. After the scoping call we send a firm written quote, before anything is signed.
How are the fees paid?
Once the quote is signed, an invoice is issued and paid by bank transfer or in USDT on the TRON network (TRC20).
Do you guarantee the licence?
No. The licence is granted by the authority after its own review. Our commitment is the quality of the file, its filing and its follow-up until the decision.
What does the authority examine?
A description of the services as the regime defines them: money transfer, currency exchange or virtual currencies. The ownership and control structure, with background checks on owners and managers. An anti-money-laundering programme with a designated compliance officer. Financial statements and, where the regime requires it, a surety bond or a minimum net worth. The agents and the banking relationships. Transaction monitoring and suspicious activity reporting.
What should be settled before the call?
Which corridors and currencies? Which countries or states do you want to serve? Who owns and who runs the business? Do you already have a banking partner? What volumes do you expect?
What continues after the licence is granted?
Renewals or annual reports, as each regime requires. Transaction monitoring and reports to the financial intelligence unit. An independent review of the anti-money-laundering programme. Notice to the authority of changes in control or in agents. Records kept for the period the law sets.
What should I know before applying?
In the United States, a federal registration does not replace state licences. Several regimes expire and must be renewed on a fixed cycle. The authority alone decides, and sets the pace of its review.
Can I talk to someone before ordering?
Yes. Book a free 20-minute call on this site, at a time shown in your own time zone. You receive a confirmation and a video link by email.
The licences
Bureau de change / currency exchange office — United Kingdom: where, what capital, what fees?
United Kingdom — HMRC. Capital: Capital depends on the other activities. On quote. Renewal: Every year. Preparation and filing of the currency exchange office registration under HMRC anti-money laundering supervision: risk assessment, AML policies and procedures, files on directors and beneficial owners, responses to HMRC's questions and follow-up until its decision.
Money remittance / money transmission — United Kingdom: where, what capital, what fees?
United Kingdom — FCA + HMRC. Capital: Capital according to payment services. On quote. Renewal: Every year (HMRC). Preparation of the money remittance file with the FCA and HMRC: programme of operations, safeguarding of customer funds, anti-money laundering policies, files on directors and shareholders, filing of the applications, responses to each authority and follow-up until their decisions.
Federal FinCEN registration — United States: where, what capital, what fees?
United States. Capital: No federal capital; State requirements possible. On quote. Renewal: Every 2 years. Review of the activities falling under money services business status, preparation of the federal registration file (company, owners, officers and declared activities), filing with FinCEN and follow-up until FinCEN's acknowledgement of receipt; state licences excluded.
Money transmitter licence for one State — United States: where, what capital, what fees?
United States. Capital: Surety bond, net worth and liquidity according to the State. On quote. Renewal: Every year. Preparation of the money transmitter licence application with the regulator of the chosen state: business plan, anti-money laundering policies, financial statements, files on officers and control persons, surety bond documentation, filing and responses to questions until the state's decision.
Multi-State money transmitter programme — United States: where, what capital, what fees?
United States. Capital: Cumulative bonds and net worth according to the States. On quote. Renewal: Every year, state by state. Management of a multi-state money transmitter licensing programme: prioritisation of the initial batch of states, core file with state-specific adaptations, anti-money laundering policies, officer files, filing schedule, responses to regulators and follow-up of each review.
MSB registration — Canada: where, what capital, what fees?
Canada — FINTRAC. Capital: No registration capital set by FINTRAC. On quote. Renewal: Every 2 years. Preparation and filing of the money services business registration with FINTRAC, together with the anti-money laundering compliance programme: compliance officer role, risk assessment, policies and procedures, training programme; then responses to the authority and follow-up until its decision.
Foreign MSB registration — Canada: where, what capital, what fees?
Canada — FINTRAC. Capital: No registration capital set by FINTRAC. On quote. Renewal: Every 2 years. Preparation and filing of the FINTRAC registration for a foreign entity directing money services to persons in Canada: scope analysis, tailored anti-money laundering compliance programme, management files, responses to the authority and follow-up until its decision.
Exchange licence, exchange-only category — UAE: where, what capital, what fees?
United Arab Emirates — CBUAE. Capital: According to CBUAE licence category. On quote. Renewal: To be confirmed. Preparation of the licence application with the CBUAE for an activity limited to currency exchange: business plan, shareholding structure, anti-money laundering and internal control policies, management files, filing, responses to the central bank and follow-up until its decision.
Exchange + transfers / remittance licence — UAE: where, what capital, what fees?
United Arab Emirates — CBUAE. Capital: According to CBUAE category and activities. On quote. Renewal: To be confirmed. Preparation of the exchange house file with the CBUAE covering currency exchange and remittance: business plan, anti-money laundering and transfer screening policies, internal control, files on directors and shareholders, filing, responses to the authority and follow-up until its decision.
SRO affiliation and AML supervision — Switzerland: where, what capital, what fees?
Switzerland. Capital: According to activity and body. On quote. Renewal: To be confirmed. Assessment of whether the financial activity is subject to anti-money laundering obligations in Switzerland, selection of the self-regulatory organisation, drafting of internal directives and due diligence procedures, files on governing officers, filing of the membership application and follow-up until the organisation's decision.
Remittance service provider registration — Australia: where, what capital, what fees?
Australia — AUSTRAC. Capital: Operational and AML requirements. On quote. Renewal: Every 3 years. Preparation and filing of the remittance service provider registration with AUSTRAC: AML/CTF programme, risk assessment, customer due diligence procedures, files on key personnel and shareholders, responses to the authority and follow-up until its decision.
Digital Currency Exchange registration — Australia: where, what capital, what fees?
Australia — AUSTRAC. Capital: Operational and AML requirements. On quote. Renewal: Every 3 years. Preparation of the digital currency exchange registration file with AUSTRAC: AML/CTF programme, risk assessment specific to digital assets, customer verification procedures, files on key personnel, filing, responses to the authority and follow-up until its decision.
Money Service Operator licence — Hong Kong: where, what capital, what fees?
Hong Kong — C&ED. Capital: According to model, premises and responsible persons. On quote. Renewal: Every 2 years. Preparation of the money service operator licence application with the C&ED, for currency exchange and/or remittance according to the declared activity: business plan, files on responsible persons and shareholders, anti-money laundering policies, premises documentation, filing and follow-up until the decision.
Bureau de change licence — Selected jurisdiction: where, what capital, what fees?
Selected jurisdiction. Capital: According to country and cash exposure. On quote. Renewal: Depends on the jurisdiction. Selection of the jurisdiction best suited to the project, followed by the complete currency exchange licence file: business plan, anti-money laundering policies, controls over cash transactions, files on directors and shareholders, filing with the competent authority, responses and follow-up until its decision.
MTO licence — Selected jurisdiction: where, what capital, what fees?
Selected jurisdiction. Capital: According to country and corridors. On quote. Renewal: Depends on the jurisdiction. Preparation of the money transfer operator licence file in the chosen jurisdiction: business plan and target corridors, AML/CTF programme, transaction screening, files on directors and shareholders, filing with the competent authority, responses and follow-up until its decision.
Multi-branch exchange network — Selected jurisdiction: where, what capital, what fees?
Selected jurisdiction. Capital: Capital and guarantee per network. On quote. Renewal: Depends on the jurisdiction. Preparation of the main licence file and of the framework for a network of currency exchange branches: network manual, common anti-money laundering procedures, branch control plan, files on responsible persons, filing with the competent authority, responses to its questions and follow-up until its decision.
About Remit Licensing
Who operates Remit Licensing?
Remit Licensing is a service of AquaSands Trading AG, a Swiss stock corporation (Aktiengesellschaft, AG), c/o Kaurum GmbH, Hasenbüelweg 32, 6300 Zug, Switzerland. Orders, invoices and contracts are with AquaSands Trading AG.