U.S. Virgin Islands Money Transmitter License Guide
A money transmitter license is mandatory by law before you can start operating in the Virgins Islands.
If you fall under the definition of a money transmitter as stated in the Virgin Islands code, then it is illegal for you to conduct business without a license unless you are an authorized delegate of a licensed money transmitter.
If you are not an authorized delegate and want to offer money transmission services, you will have to get your own license.
Virgin Islands Money Transmitter License Regulator
The state agency that regulates this industry in the Virgin Islands is the Office of the Lieutenant Governor, Division of Banking, Insurance and Financial Regulation. The office is responsible for granting licenses and oversees the current licensees.
Definition of Money Transmission
According to Title 9, Chapter 22 Uniform Money Services Act, Subchapter 1 of the Virgin Islands Code, any business that is “involved in selling or issuing payment instruments, stored value, or receiving money or monetary value for transmission” is a money transmitter.
Can I rent or Lease a License?
No, you cannot. You can become an authorized delegate for a licensed money transmitter business but you cannot rent licenses. Here is a detailed explanation.
Net Worth for Licensing
According to the V.I Code Ann. tit., 9 § 516, a minimum net worth of $25,000 is required to apply for a license as a money transmitter.
- Minimum amount: $50,000
- Each additional location or agent: $10,000
- Maximum: $250,000
The bond amount may be increased to $1,000,000 by the Director depending on the applicant’s financial condition.
Fees for a License in U.S. Virgin Islands
- Application fee: $2,000 (non-refundable)
- License fee: $2,000 (refundable in case of rejection)
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