Arkansas Money Transmitter License

Arkansas Money Transmitter License Overview Who Needs to Register as a Money Transmitter in Arkansas? If you are planning to start a money transmission business in Arkansas, you are required to be licensed. According to the Arkansas Uniform Money Services Act, “A person that engages in money transmission must have a money transmission license.” Money transmission includes: Receiving money or its equivalent value to transmission; Sell, issue, or act as an intermediary for stored value devices; Issuing or selling prepaid access cards; A bill payer service; and Informal money transfer system engaged in as a business for transferring money outside the conventional financial institutions system. Who Regulates the Money Transmitter Licenses in Arkansas? The Arkansas Securities Department overlooks all money transmission activities in the state. All money transmitter licenses are issued by the Arkansas Securities Department. ...