Georgia Money Transmitter Licensing Requirements:


Who needs to be licensed as a money transmitter licensee?

Under Georgia statute, businesses sending or receiving money transmissions in or through businesses located in the state must obtain a money transmitter license.

Specific license requirements for Georgia money transmitters.

Registering as a transmitter in the state of Florida requires the following fees and documentation:

• $2,000 application fee + $250 investigation fee
• Statement of fees charged for transmission of money
• Listing of Georgia agents
• List of states currently licensed in for transfer of money
• Name and address of agent for service in Georgia
• Biographical Statement and Consent form for directors, officers, managers, and owners of 10% of the business, including: 1.) name, address, % owned, social security number, contact information; 2.) residential and office addresses; 3.) residential history for last 10 years; 4.) employment history over last 10 years, including periods of bankruptcy, judgment liens, or denial or revocation of bond; 5.) criminal disclosures; 6.) regulatory action disclosure; 7.) civil action disclosure; 8.) customer arbitration disclosure; 9.) termination disclosure, responding to accusations of violations, fraud, dishonesty, theft; 10.) disclosure of unemployment, student or extended travel; 11.) passport photo; 12.) details of any other business activities
• Independent credit report for each director, office manager, and owner of 10% of business
• Fingerprint card + $40 fee for each director, officer, manager, and owner of 10% of business
• Copy of Certificate of Authority to do business in Georgia; copy of business license from city or county where business is located
• Certificate of Incorporation, Partnership Agreement and bylaws
• Copy of Statement of Assets and Liabilities and profits and loss for most recent year, or latest tax return
• Current, valid email address
• Background checks for agents and employees through Georgia Crime Information Center and similar state law enforcement authority, if applicant’s home state is not Georgia
• Federal taxpayer number
• Contact information for designated person
• Location of books and records
• Website
• Description of business activities in Georgia
• Type of money transmission
• Criminal or civil investigation history of applicant, officers, etc.
• List of Georgia business locations
• List of depository institutions where accounts are maintained
• Sample receipt or acceptance showing name of licensee, identifier info, date of order, dollar amount of transfer, and fee charged
• Copy of FinCEN and IRS registration as an MSB
• Copy of anti-money laundering and BSA compliance program
• Agent approval and monitoring process

What are the Georgia surety bonding requirements?

Bonding requirements for Georgia  money transmitter license include:

• $50,000 surety bond
  
• $5,000 for each additional location, amounting to no more than $250,000
• Additional bonding may be required, amounting to no more than $1.5 million based on Average Daily Orders to Transmit Not Yet Paid

Additional resources: Licensing of Sale of Money Transmitters