Wyoming Money Transmitter Licensing Requirements:


Who needs to be licensed as a money transmitter licensee?

Under Wyoming statute, those engaged in the business of selling or issuing payment instruments, stored value or receiving money as monetary value for transmission to a location inside or outside the U.S. by any means, including but not limited to wire, facsimile or electronic transfer, must obtain a money transmitter license.

Specific license requirements for Wyoming money transmitters.

To apply as a money transmitter in the state of Wyoming requires the following fees and documentation:

• Exact name of applicant, principal address, and location of business records
• History of material litigation and criminal convictions for five year period prior to application
• Description of activities conducted by applicant and a history of operations
• A description of business activities in which the applicant seeks to be engaged in
• A list of applicant’s proposed authorized delegates
• Sample authorized delegate contract
• Sample form of payment instrument
• The location at which the applicant and its authorized delegates propose to conduct the licensed activities
• Name and address of clearing bank on which payment instruments will be drawn

If the applicant is a corporation, the applicant shall also provide:

• The date of the applicant’s incorporation and state of incorporation
• Certificate of good standing from the state in which the applicant was incorporated
• Description of the corporate structure of the applicant, including identity of any parent or subsidiary of the applicant
• Name, business, and residence address and employment history for the past five years of the applicant’s executive officers
• History of material litigation and criminal convictions for five year period prior to date of application
• Copy of the applicant’s most recent audited financial statement including balance sheet, statement of income or loss, statement of changes in shareholder equity and statement of changes in financial position, and, if available, audited financial statements for preceding two years
• Copy of all filings with the SEC or similar regulator

If the applicant is not a corporation, the applicant must provide:

• Name, business, and residence address, personal financial statement and employment history for past five years of each principal of the applicant; name, business and residence address and employment history for the past five years of any other person or persons in charge of applicant’s licensed activities
• Place and date of the applicant’s registration or qualification to do business in this state
• History of material litigation and criminal convictions fo the five year period prior to the date of the application for each individual with ownership interest or supervisory responsibilities
• Copies of the applicant’s audited financial statements including balance sheet, statement of income or loss and statement of changes in financial position for the current year and preceding two years

All applicants must include a nonrefundable $3,000 application fee.


What are the Wyoming surety bonding requirements?

Bonding requirements for Wyomingmoney transmitter license include:
Money transmitters are required to have $10,000 in bond or the amount equivalent to the last 2.5 outstanding payments, whichever amount is greater. Bonds can amount no more than $500,000.


Additional resources: Wyoming Money Transmitters Act