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Washington, D.C. Money Transmitter Licensing

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Washington, D.C. Money Transmitter Licensing

If your company is a money transmitter business, it will require a money transmitter license. At Bates Group, we assist clients in obtaining and maintaining money transmitter licenses and ensure compliance throughout the process. For help in securing your business’s money transmitter license and to learn more about Washington, D.C. money transmitter licensing and our programs, please reach out to our team directly. 

What Is a Money Transmitter Business?

If your business is a “money transmitter,” it requires a license in order to conduct business lawfully. Typically, a money transmitter business is any business that completes over $1,000 per day in certain transactions, including money orders, travelers’ checks, money transfers, check cashing, or currency exchange. 

Who Needs a Money Transmitter License?

Under Washington, D.C. law, the definition of money transmitter and who needs to register as a money transmitter business is broader. To be sure, any business that engages in the issuance or sale of payment instruments or receives money for transmitting must obtain a money transmitter license if the business has locations operating in the D.C. area. Money transmitter licenses are regulated by the Washington, D.C. Department of Insurance, Securities and Banking. 

Money Transmitter Licensing Requirements in Washington, D.C.

It is important that you familiarize yourself with the specific requirements to obtain and maintain a money transmitter license in Washington, D.C., as these requirements can vary from state to state. Typically, businesses are required to submit an application, meet a net worth requirement, provide a certificate of good standing, develop and implement an anti-money laundering (AML) compliance program, and pay licensing fees, at a minimum. In Washington, D.C., some specific requirements include:

  • Providing a description of the money transmitting activity
  • Providing a FinCEN registration number
  • Providing a list of all civil actions within the past decade
  • Providing all requested financial statements
  • Ability to demonstrate a net worth of at least $100,000 plus an additional $50,000 for each additional location
  • Providing tax registration certificates

The above list is not inclusive. The requirements for submitting a transmitter license application are stringent. 

How Our Licensing Team Can Help

Our team at Bates Group can help your company throughout the transmitting license application and maintenance process. 

  • License acquisition. We’ll help your company understand the licensing requirements for your jurisdiction and will work with you to gather all required application materials. Applications often require a substantial amount of supporting documentation, which we will collect and organize on your behalf.
  • License maintenance. In addition to helping your business acquire its license, we also provide license maintenance support. For example, we’ll help your business stay up-to-date on license renewal, assist in maintaining an AML program, prepare and submit required annual reports, and more. 

Call Us Today for Washington, D.C. Money Transmitter Licensing Services

For all of your Washington, D.C. money transmitter licensing questions, call Bates Group directly. We have experience helping money transmitting and money service businesses like yours seek the proper licenses and maintain compliance. Reach out to us today to learn more.

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