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Effective July 1, 2008, the Division of Corporations, Business and Professional Licensing will begin licensing and regulating Money Transmitters commonly known as Money Service Businesses (MSB’s) under the Internal Revenue Service (IRS) rules.
A copy of the new law is available here.
Several highlights of the new law are:
- All MSBs are required to obtain a license if they provide service to Alaska residents.
- IF MSB is already licensed in another state may upon approval by the division be approved to operate in Alaska without additional license.
- A money transmitter must have at least $25,000 in net worth in order to be licensed.
- The division may conduct examination of the MSB, or their authorized delegate. In addition, the division may participate in an examination with another state where the MSB is licensed.
- The MSB will be required to file reports with the division including money laundering reports.
- The MSB will be required to protect the confidentiality of the personal information provided to them by the customer.
Select a form:
The Division of Corporations, Business and Professional Licensing will be updating this page with news and information to keep the public and industry informed of the progress in the implementation of this new law. If you have any questions, please contact the division at license@alaska.gov, or by telephone at (907) 465-2550.
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