Oregon Money Transmitter License Overview
Who Needs a Money Transmitter License In Oregon?
If you’re starting out as a money transfer operator in Oregon with money transmission services within and outside the United States, you will need to obtain a money transmitter license.
Under Oregon law, money transmission activities by any means including payment instruments, electronic transfers, wire, facsimile, etc. for a commission or a fee or any other benefit requires a license.
Who Is the Financial Regulator?
The Oregon Department of Financial Regulation regulates money transmitter licenses in the state.
What Is the Process of Obtaining the License?
In order to apply for a money transmitter license in Oregon, you will have to complete and submit your application to the Oregon Department of Financial Regulation.
Along with personal information of the applicant, executive officers, partners, owners, etc. you will have to provide documents such as audited financial statements, your securities, and exchange filings. In addition to this, you will also have to provide your banking information, the flow of funds, business activities, corporate structure, etc.
Money Transmitter License Cost In Oregon
A non-refundable fee of US $1056 has to be submitted along with your application.
You will also need to build a compliance program, which can cost you somewhere between US$ 50,000 to US$ 90,000. However, this does not include the cost of your Anti-Money Laundering System, Transaction Monitoring System, your KYC costs, accounting costs, etc.
What Is the Minimum Net Worth and Surety Bond for OR Money Transmitter License?
If you’re seeking a foreign money transmitter license, the minimum required net worth is US$ 100,000. You will also need a surety bond in the amount $25,000 or a premium of $625.
How Much Time Does It Require to Receive a License in OR?
Depending on the complexity of your business and application, the whole process can take about three months.
OR Money Transmitter License Cost
How Can I Get a Money Transmitter License in Oregon?
Make sure your business’s FINCEN registration is up to date to be eligible to apply for the Oregon Money Transmitter License. You have to understand what is required of you so as to put in a complete application. You are therefore advised to visit the websites of both the Oregon Department of Financial Regulation and the Nationwide Multistate Licensing System and read up on the requirements. After that, you can create an account on the NMLS site and fill in your application and submit your documents. After paying the requisite fees it will take approximately 3 months to get your license.
This page was last updated on August 29, 2022.