Company New Application Checklist

HI

Agency Requirements

HAWAII MONEY TRANSMITTER LICENSE

This document provides instructions for applying for a new Hawaii money transmitter license.
NOTE: Effective 7/1/2024, a money transmitter license is not required to conduct digital currency/asset
activity in Hawaii. If a company conducts activity involving both digital currency/assets and US$, a moneytransmitter license is required for the US$ money transmission activity as defined in Chapter 4849D, Hawaii
Revised Statutes.
Total License Application costs: $10,000HI Application Fee: $5,000 (non-refundable)

HI Initial License Fee: $5,000oThe initial license fee shall be refunded if the application is denied (§489D-10).

In addition to application fees listed, NMLS may impose separate processing fees which are notrefundable.
Use the checklist below to complete the requirements for Hawaii Division of Financial Institutions(“DFI”).
The checklist provides instructions and requirements for information to be entered in NMLS, thedocuments that must be uploaded into NMLS, as well as the documents that must be sent directly to
DFI. Agency-specific requirements marked Filed in NMLS must be completed and/or uploaded andsubmitted in NMLS. This information will not be viewable to the agency until the application/license
request has been submitted through NMLS.
Hawaii requires a federal criminal background check for each of the control persons of the company. See
the checklist below for instructions.
For help with the NMLS application and document uploads, see the Quick Guides in NMLS.
Submit this completed checklist along with any agency-specific requirements marked Attached in thischecklist within 5 business days of the electronic submission of your application through the NMLS byemail at dfi-nmls@dcca.hawaii.gov.

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NMLS Company Unique ID Number:
Applicant’s Legal Name:
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Other Trade Name: DBA or trade names should be listed under Other
Trade Names on the NMLS Company Form.

 N/AThe box in the “forced” column should be checked if either theCommissioner of Financial Institutions or the Business Registration Divisionof the Hawaii Department of Commerce and Consumer Affairs will not allow
the company to use its legal name for any reason.
Hawaii does not limit the number of trade names a company can registerand use.

 N/A N/A

N/A

Resident/Registered Agent: The Resident/Registered Agent section of
the NMLS Company Form must be completed with the current registeredagent information. This information should be consistent with theinformation currently on record with the Business Registration Division of
the State of Hawaii Department of Commerce and Consumer Affairs,
including a Hawaii address for the agent.
Hawaii Branch Locations: Provide a list of proposed Hawaii office/branchlocations, if any, through which the Applicant intends to conduct businessactivities in the State of Hawaii, including the name designated by the
Applicant for each office/branch and the address of each location. Also
include locations where the Applicant intends to use company-owned
terminals or kiosks to provide its products/services.
File a Branch Form (MU3) in NMLS for each Hawaii branch location. Clickhere to access the Money Transmitter Branch Registration New Application
Checklist.

 N/A

N/A

Bank Account: Provide the legal name and address of the clearing bank orbanks that will be used by the Applicant. Each clearing bank must be a U.S.
financial institution whose deposits are insured by the Federal Deposit
Insurance Corporation. Funds designated as permissible investments
should be held in trust or “FBO” account(s).

N/A

N/A

N/A

Qualifying Individual: None required; this field can be left blank on the
NMLS Company Form for HI.

N/A

N/A

N/A

Credit Report: Individuals in a position of control are NOT required toprovide or authorize a credit report through NMLS.

 N/A

Questions: Provide an explanation for any “Yes” response.
 Disclosure
Upload a copy of any applicable orders or supporting documents in NMLS.

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Financial Statements: A licensee must, at all times, have a tangible net
worth of the greater of: $100,000, or Three percent (3%) of the total assets for the first $100,000,000, plus
 Two percent (2%) of the additional assets of $100,000,000 to$1,000,000,000, plus One-half percent (0.5%) of additional assets over $1,000,000,000.
Tangible net worth shall be calculated in accordance with generally
accepted accounting principles in the U.S.

 N/A

N/A

For all applicants: Provide a copy of the Applicant’s:
Most recent audited financial statement, including balance sheet,statement of income or loss, statement of changes in shareholder
equity, statement of cash flows, and notes to financial statements,and

Audited financial statements for the immediately preceding two
years.

If the Applicant is a wholly-owned subsidiary of another U.S. corporationand it cannot submit its financial statements for three years, the Applicant
must submit for the most recent fiscal year and the immediately
preceding two years, either:The parent corporation’s consolidated audited financial statementswith Supplemental Schedules (Supplemental Balance Sheet &Income Statements showing the breakdown of all consolidated
entities); orForm 10K report filed with the United States Securities andExchange Commission.

Note: Financial statements are uploaded separately under the Filing tab
and Financial Statement submenu link. See the Financial Statements Quick
Guide for instructions.

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HAWAII MONEY TRANSMITTER LICENSEBusiness Plan: Upload a detailed business plan describing at least thefollowing: N/AThe business activities conducted by the Applicant, a history ofoperations, and the Applicant’s operating structure.



Details of the Applicant’s products and services, specifically
identifying the activities for which the Applicant requires a moneytransmitter license.



The Applicant’s target market and target customers.

Description of delivery channels the Applicant will use to deliver the
products and services to users. Provide a detailed description,
including a chart of the flow of funds, transaction processing andsettlement.



Biographies, focused on experience and qualifications, of the
management team.

N/A

Upload in NMLS under the Document Type Business Plan in the Document
Uploads section of the Company Form (MU1).
This document should be named [Company Legal Name] Business Plan.
Note: If the existing uploaded business plan already includes the above
information, an additional document does not need to be uploaded. A
company should only upload a single business plan. If state-specificmaterial is required, this information should be added to the existing
uploaded business plan.
Certificate of Good Standing: N/A

N/A

Upload a Certificate of Good Standing from the Business
Registration Division of the State of Hawaii Department ofCommerce and Consumer Affairs, dated not more than 60 days prior
to the filing of an application through NMLS.

For companies not formed in Hawaii, also upload a Certificate ofGood Standing issued by the state in which the company is formed,
dated not more than 60 days prior to the filing of an application
through NMLS.

Upload in NMLS under the Document Type Certificate of Authority/GoodStanding Certificate in the Document Uploads section of the Company Form
(MU1).
This document should be named [[State prefix] Certificate of Authority OR[State prefix] Certificate of Good Standing].

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HAWAII MONEY TRANSMITTER LICENSEManagement Chart: Upload an organization management chart showing
the Applicant’s divisions, officers, and managers.

 N/A

Upload in NMLS under Management Chart in the Document Uploads
section of the Company Form (MU1).
N/A

This document should be named [Company Legal Name] Management
Chart.
Note: If the existing uploaded management chart already includes theabove information, an additional document does not need to be uploaded. A
company should only upload a single management chart.
Organizational (Ownership) Chart/Description: Upload an organizational(ownership) chart if Applicant is owned by another entity or entities or
person(s); include subsidiaries or affiliated entities. Account for 100% of thedirect and indirect ownership of the Applicant.
Provide a description of the corporate structure, including the identity of any
parent or subsidiary of the Applicant, and a brief description of the activity ofthe parent(s) (ultimate and immediate) or subsidiaries. Indicate whether any
parent or subsidiary is publicly traded on any stock exchange.

 N/A

N/A

Identify all shareholders of the direct or indirect owners, particularly
identifying those shareholders that control 25% or more of any voting classof stock and their respective percentage of ownership.
Upload in NMLS under Organizational Chart/Description in the Document
Uploads section of the Company Form (MU1).
This document should be named [Company Legal Name] Organizational
Chart – Description.
Note: If the existing uploaded Organizational Chart/Description alreadyincludes the above information, an additional document does not need to be
uploaded. A company should only upload a single management chart.

 N/A
N/A



N/A

N/A

Anti-Money Laundering Program (AML)/Office of Foreign Assets
Control (OFAC) Policy:
Upload a copy of the Applicant’s most recent board-approved AML/BSA
policy and a copy of the most recent independent AML/BSA audit.
Information Technology Security: Submit a copy of the most recent
independent information technology security audit.
Electronic Surety Bond: Submit an Electronic Surety Bond via NMLS in
the amount of $100,000 furnished and submitted by a surety company
authorized to conduct business in Hawaii.

 N/A

N/A

See the ESB for NMLS Licensees page of the NMLS Resource Center for
more information.
Note: Surety bonds submitted via the Document Uploads section will notsatisfy this requirement.

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HAWAII MONEY TRANSMITTER LICENSEFBI Criminal Background Check (CBC) Requirements: An individual in aposition of control (any person identified in the Company Form MU1 as a
MU2 associated person) is required to authorize an FBI criminal
background check (CBC) through NMLS.
A Hawaii state CBC is not required.

N/A

N/A



Third Party Investigative Background Checks: If any control person
does not or has not resided in the US for the last ten years, an investigative
background report must be prepared by an acceptable search firm andsubmitted directly to DFI by the search firm. This investigative report is inaddition to other background information required in the application. At aminimum, the report must contain the following:Criminal records for the past ten years, including felonies,
misdemeanors and violations including a search of court data in the
country(ies) states, towns, where the individual resided and worked
and in contiguous areas.

Authorized Agents (Delegates) Locations: You must use the NMLS
Uniform Authorized Agent Reporting (UAAR) functionality to report your
Authorized Agents. Terminals or kiosks through which the Applicant will
provide its money transmittal services are not considered to be authorized
delegates. Terminals or kiosks must be registered as branches.

 N/A

license approval, applicants are required to utilize the UAAR quarterly Uponto upload a list of agents who are authorized to conduct money transmission
business in the State of Hawaii on the Applicant’s behalf. Agent reportingmust be completed through the UAAR on a quarterly basis, even if there are
no changes to report. For more information, consult the NMLS Resource
Center.

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Document Sample – Authorized Delegate Contract: Upload asample authorized delegate contract, if applicable. The authorized
delegate contract must include the following provisions specified in
Section 489D-21, HRS.

 That the licensee appoints the person as the licensee'sdelegate with authority to engage in money transmission
on behalf of the licensee;

 That neither the licensee nor the authorized delegate may
authorize sub-delegates without the written consent of
the commissioner;

 N/A That the licensee is subject to supervision and rule by thecommissioner; and
 That the authorized delegate certifies that it is in compliance withthe recordkeeping and reporting requirements under Title 31 UnitedStates Code Section 5311 et seq., 31 Code of Federal Regulations
Part 1022, Section 1022.210, and other federal and state laws
pertaining to money laundering.

The authorized delegate contract must also include the following provision:That the authorized delegate agrees to comply with all applicablestate and federal laws and regulations, as amended from time to time.

Upload in NMLS under Document Samples in the Document Uploads
section of the Company Form (MU1).
This document should be named [Name of Document Sample].
Document Sample – Payment Instruments and/or Receipts:

 N/A

N/A

Upload a sample form of all payment instruments to be used in Applicant’sbusiness (check, draft, money order, traveler’s check, or order (electronic
or written), or receipt (electronic or written)), if applicable, for thetransmission of money or monetary value identifying the sender, recipient of thetransmitted funds, date monies received, amount to be transmitted, fee(s),exchange rate, and total amount received from the sender).
Upload in NMLS under Document Samples in the Document Uploads
section of the Company Form (MU1).
This document should be named [Name of Document Sample].

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HAWAII MONEY TRANSMITTER LICENSE
DIGITAL CURRENCY COMPANIES
Effective 7/1/2024, a money transmitter license is not required to conduct
digital currency/asset activity in Hawaii. If the company conducts activity
involving both digital currency/assets and US$, a money transmitter license isrequired for the US$ money transmission activity as defined in Chapter 4849D,
Hawaii Revised Statutes.
For more information, visit https://cca.hawaii.gov/dfi/dcil-faq-industry/.

DFI will review the filing and all required documents and communicate with the Applicant through NMLS. To
review your status or see detailed communication from the regulator in NMLS, click on the Composite View
tab and then click on View License/Registration. See the NMLS License Status Review & Definitions Guide
for more information.
WHO TO CONTACT – Contact Hawaii Division of Financial Institutions licensing staff by phone at
808-586-2820 or send your questions via e-mail to dfi-nmls@dcca.hawaii.gov.
THE APPLICANT/LICENSEE IS FULLY RESPONSIBLE FOR ALL OF THE REQUIREMENTS OF THE LICENSE FOR
WHICH THEY ARE APPLYING. THE AGENCY SPECIFIC REQUIREMENTS CONTAINED HEREIN ARE FOR
GUIDANCE ONLY TO FACILITATE APPLICATION THROUGH THE NMLS. SHOULD YOU HAVE QUESTIONS,PLEASE CONSULT LEGAL COUNSEL.

Updated: 02.15.2024

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