Basic Information about money transmitter license In Puerto Rico
Any business engaging in the activity of money transmission in Puerto Rico (PR) is required to be licensed. Carrying out money transfer services in Puerto Rico without a money transmitter license is illegal.
NMLS authorizes the following activities under this license:
1. Electronic money transmitting
2. Issuing and/or Selling traveler’s checks
3. Issuing and/or Selling money orders
4. Bill paying
5. Issuing and/or selling drafts
6. Issuing and/or Selling Prepaid access/stored value
7. Check cashing
Puerto Rico money transmitter license regulator
Money Transmitter License in PR is regulated by the Office of the Commissioner of Financial Institutions.
pre-requisites of obtaining a money transmitter license in PR
Money transmitter license applications are now made through the NMLS licensing system. You will first have to register in order to get started with your application.
Obtaining a money transmitter license requires you to go through a rigorous background check and submit a whole lot of documents along with your license application.
Required documents include, but are not limited to, audited financial statements, company structure, AML / BSA Policy, business plan, good standing certificate (a certificate issued by the state authorizing that the company is allowed to do business in PR), company formation documents, management chart, etc. Here’s a complete checklist of all the required documents: Checklist for Puerto Rico Money Transmitter License.
In addition to these documents, the following are the financial requirements for obtaining a money transmitter license in PR:
A minimum net worth of US$ 500,000 is required.
For a single office, surety bonding of US$ 500,000 is required by law. This bond should be issued by a surety company authorized to do business in Puerto Rico. For every additional office, the surety bonding will increase by US$ 10,000.
Every applicant is required to have liquid assets worth US$ 100,000 at the time of application.
Time Required to Obtain a License in Puerto Rico
The whole licensing process in Puerto Rico takes about six to eight months.
Cost of Obtaining a Money Transmitter License in PR
The license application fee in Puerto Rico is as follows:
Between January 1st & June 30th
Between July 1st & December 31st
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This page was last updated on January 14, 2020.