Requirements for Licensing
Meracord prides itself on the rigorous and stringent measures we go through to attain and maintain our licensing.
- Rigorous application process which included an exhaustive review by each state of Meracord’s financial condition, business practices and the experience and integrity of Meracord’s executive officers.
- Compliance with state and federal regulations related to money transmission and money services businesses.
- Qualify for and maintain $13 million in surety bonds to ensure consumer protection.
- Full compliance with OFAC screenings and Anti-Money Laundering training.
- Possession at all times of assets or other safe investments having an aggregate market value equal to the amount of all monies that have been received from customers and not yet disbursed.
- Submit to frequent state audits.
- Many other on-going monthly, quarterly and annual reporting and record-keeping requirements.
