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Money Transmission Licensing in Washington 

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Money Transmission Licensing in Washington

Money service businesses that engage in money transmission activities are required under law to hold a money transmission license. While these types of licenses are required, obtaining and maintaining a money transmission license can be complex, and often demands the support of an outside consultant. For all of your business’s needs related to money transmission licensing in Washington, call Bates Group LLC today. 

What Is a Money Transmitter License?

While the specific licensing requirements vary from state to state, 49 states require money service businesses that engage in the transmission of money to maintain a money transmitter license. Businesses that are usually required to register for a money transmitter license are any businesses that are engaging in money transmission activities, which include businesses that are dealing or exchanging currency, cashing checks, or issuing or selling money orders or travelers’ checks. If your business conducts any of these activities, then in order to be operating lawfully, it will need a money transmitter license. 

Money Transmission Licensing in Washington

As stated above, the specific requirements for which businesses must register as a money transmitter businesses, as well as the specific requirements for how to register for a money transmission license, vary across states. As such, it is very important to work with a consultant who understands the requirements for the state in which you need licensing.

Typically, the requirements and materials for acquiring a money transmission license include the following:

  • A license application
  • A statement of net worth
  • A minimum net worth requirement
  • A completed background check 
  • An application and licensing fee
  • A surety bond or another form of security 

In addition to the above, businesses may need to provide detailed business plans and provide financial statements and records. An application fee must also be paid. 

How Bates Group LLC Can Help

Once a money transmission license has been obtained, it also needs to be maintained over the years. At Bates Group LLC, we provide money transmission licensing services that your business can count on. In addition to helping your business prepare and file its application for its money transmitter license, we’ll also help your business maintain its license by coordinating with your business regarding money service business reporting requirements, uploading relevant documentation and information, conducting a periodic review of your accounts for deficiencies, and coordinating with you regarding any renewable or other license maintenance requirements. Our team of experts has experience in a wide range of services and licensing and compliance requirements for money service businesses like yours in Washington and other states. 

Call Bates Group LLC Today to Learn More About Money Transmission Licensing in Washington

To learn more about money transmission licensing in Washington and whether your business requires a money transmitter license and, if so, how to start the application successfully today, reach out to Bates Group LLC. Meeting compliance requirements is an important part of protecting your business’s interests and avoiding the consequences of non-compliance. Reach out to us by phone or online at your convenience to get started. 

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Money Transmitter License Acquisition and Maintenance

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