Washington Money Transmitter Licensing Requirements:
Who needs to be licensed as a money transmitter licensee?
Under Washington statute, those who are receiving money or its equivalent value to transmit, deliver, or instruct to be delivered the money or its equivalent value to another location, inside or outside the U.S., must obtain a money transmitter license.
Money transmission does not include the provision solely of connection services to the internet, telecommunications service, or network access. Money transmission includes the selling, issuing, or acting as an intermediary for open loop stored alue devices and payment instruments, but not closed loop stored value devices.
Specific license requirements for Washington money transmitters.
Applications for money transmitters must include the following fees and documentation:
If the applicant is a corporation, the applicant must also provide:
All applicants must include a nonrefundable application fee and an initial license fee, as determined by the director.
What are the Washington surety bonding requirements?
Bonding requirements for Washington money transmitter license include:
Requirements are based on the previous year’s transmission dollar volume, and range from $10,000 to $550,000.
Additional resources: Washington Uniform Money Services Act
Who needs to be licensed as a money transmitter licensee?
Under Washington statute, those who are receiving money or its equivalent value to transmit, deliver, or instruct to be delivered the money or its equivalent value to another location, inside or outside the U.S., must obtain a money transmitter license.
Money transmission does not include the provision solely of connection services to the internet, telecommunications service, or network access. Money transmission includes the selling, issuing, or acting as an intermediary for open loop stored alue devices and payment instruments, but not closed loop stored value devices.
Specific license requirements for Washington money transmitters.
Applications for money transmitters must include the following fees and documentation:
- Legal name, business addresses, and residential address of the applicant
- The legal name, residential and business addresses, date of birth, social security number, and employment history for previous five years for the applicant; documentation proving the individual is a U.S. citizen or has obtained legal immigration status to work in the U.S.; fingerprints of individual proposed responsible
- List of any criminal convictions or material litigation for ten years preceding application submission
- Description of any money services previously provided by the applicant and the money services that the applicant seeks to provide in this state
- A list of the applicant’s proposed authorized delegates and the locations where the applicant and its authorized delegates propose to engage in money services
- A list of other states in which the applicant is licensed to engage in money transmission, and any license revocations, suspensions, restrictions or other disciplinary action taken against the applicant in another state
- A list of any license revocations, suspensions, restrictions, or other disciplinary action taken against any money services business involving the responsible individual
- Information concerning any bankruptcy or receivership proceedings involving the applicant
- Sample form of contract for authorized delegates
- Description of the source of money and credit to be used by the applicant to provide money services
- Any other information regarding background, experience, character, financial responsibility and general fitness of applicant
If the applicant is a corporation, the applicant must also provide:
- The date of the applicant’s incorporation or formation and state or country of incorporation or formation
- A certificate of good standing from the state or country in which the applicant is incorporated or formed
- A brief description of the structure or organization of the applicant, including any parent or subsidiary of the applicant and whether the parent or subsidiary is publicly traded
- The legal name, any fictitious or trade name, all business and residential addresses, date of birth, social security number, and employment history in the ten-year period preceding the applicant’s submission
- Copy of applicant’s unconsolidated financial statement for the current fiscal year, and two-year period preceding application submission
All applicants must include a nonrefundable application fee and an initial license fee, as determined by the director.
What are the Washington surety bonding requirements?
Bonding requirements for Washington money transmitter license include:
Requirements are based on the previous year’s transmission dollar volume, and range from $10,000 to $550,000.
Additional resources: Washington Uniform Money Services Act
