Washington, D.C. Money Transmitter Licensing Requirements:
Who needs to be licensed as a money transmitter licensee?
Under D.C. statute, those who conduct business at a location within D.C. or through an authorized delegate operating at a location in D.C. must have a business location in the District. Those who engage in the business of receiving money for transmission or transmitting money must obtain a money transmitter license in the District.
Specific license requirements for Washington, D.C. money transmitters.
Registering as a money transmitter in D.C. requires the following fees and documentation:
What are the Washington, D.C. surety bonding requirements?
Bonding requirements for Washington, D.C. money transmitter license include:
A $50,000 bonding requirement is required in Washington, D.C.
Who needs to be licensed as a money transmitter licensee?
Under D.C. statute, those who conduct business at a location within D.C. or through an authorized delegate operating at a location in D.C. must have a business location in the District. Those who engage in the business of receiving money for transmission or transmitting money must obtain a money transmitter license in the District.
Specific license requirements for Washington, D.C. money transmitters.
Registering as a money transmitter in D.C. requires the following fees and documentation:
- $100,000 net worth plus $50,000 for each additional location, not amounting more than $500,000
- $500 application fee plus $25 for each location in D.C., not amounting more than $2,500
- Certified resident agent
- Location of books and records
- List of other similar licenses
- Description of money transmitting activity
- FinCEN registration number
- FEIN/SSN
- Whether applicant owes $100 for violations of the Litter Control Administrative Act, the Illegal Dumping Enforcement Act, the Civil Infractions Act, past due taxes, past due DC Water and Sewer Authority Services fee, traffic tickets
- List of conviction for crimes involving moral turpitude, fraud, misrepresentation, deceit, or misuse of funds
- Civil actions in the last 10 years
- Whether applicant was refused coverage under fidelity or surety bond
- Bankruptcy proceedings
- Any administrative actions or discipline
- Financial statements
- Tax Registration certificate
- Material litigation involving officers or owners of 10% of equity 5 years preceding application
- Proposed authorized delegates, locations and contract
- Sample transmittal instruments
- History of operations and description of activities
- Name and address of clearing bank or banks
- SEC filings
What are the Washington, D.C. surety bonding requirements?
Bonding requirements for Washington, D.C. money transmitter license include:
A $50,000 bonding requirement is required in Washington, D.C.
