Who Requires a Money Transmitter License in Washingon?
Every money transmitter business in Washington has to be licensed. Once you obtain a money transmitter license in Washington, you will be authorized to conduct the following activities:
- Electronic money transmitting
- Issuing or selling of traveler’s checks
- Issuing or selling of money orders
- Bill paying
- Issuing and/or selling drafts
- Transporting Currency
- Issuing prepaid access/stored value
- Selling prepaid access/stored value
- Foreign currency dealing or exchanging
- Other – money services
WA Money Transmitter Regulator
The Washington State Department of Financial Institutions (DFI) examines and regulates a variety of financial institutions in the state. However, the money transmitter licensing authority in the capital is the Division of Consumer Services.
The mission of the Division of Consumer Services is to protect consumers from illegal and fraudulent lending practices. Thus, it makes sure that the laws pertaining to licensing are enforced effectively and followed by all financial institutions it regulates.
Money transmitter license applications in Washington are now done through the Nationwide Multistate Licensing System & Registry (NMLS).
The Process to Apply for a Money Transmitter License in WA
Step by Step process to apply for a Money Transmitter License in WA
How to get a Money Transmitter License in Washington
- Register as a Money Services Business with the US Treasury Department
Prior to applying for a license, you should first register your MSB with the US Treasury department.
- Obtain a Business License
Make sure that you get a business license from the Washington State Department of Revenue, Business Licensing Service (BLS). Your license should contain your trade name (DBA) as well as your Unified Business Identifier (UBI).
- Register your Company
In case your business is not sole-proprietorship, you will have to register your business with the Washington Office of the Secretary of State.
- Register with Department of Revenue (If applicable)
You will have to visit the Department of Revenue’s official website to check if your business needs to be registered with them or not.
- Gather all your documents
Complete and gather all the necessary documents that are required for the application.
View documents checklist here.
- Pay money transmitter license fee
1. WA Application Fee: $1,000
2. NMLS Processing Fee: $100
3. Credit Report for Control Person: $15 per control person
4. Criminal Background Check: $36.26 per person
- Minimum Net Worth
The minimum required tangible net worth for a money transmitter license in WA is $10,000. A cryptocurrency money transmitter company will be required to maintain a minimum net worth of $100,000.
- Surety bond for WA MTL application
The minimum surety bonding for WA MTL application is $10,000.
- Submit your application
Prior to submitting your application, make sure to go through the application to check if all requirements are met. Double-check all elements to see nothing is missing or else your application might be rejected.
- Wait for a decision
You will have to wait for about 5 to 7 months to be approved as a licensed money transmitter in Washington.
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This page was last updated on January 28, 2020.