Virginia Money Transmitter License Overview
Do You Need a Money Transmitter License in Virginia?
Are you planning to start a money transfer business in Virginia? Wondering whether you need a money transmitter license or not? Well, you do. Money transmission activities in Virginia are regulated by law, and you are required to be licensed if your business engages in any of the following activities:
- Bill payments
- Electronic money transfer
- Issuance of money orders
- FX dealing/exchanging
- Issuance of traveler’s checks
- Issuance of stored value
- Selling money order
- Selling traveler’s checks
- Selling stored value/prepaid access
Who Is the Money Transmitter License Regulator in Virginia?
The money transmission activities are regulated and licensed by the Virginia Bureau of Financial Institutions
What Documents Are Required to Apply for a Money Transmitter License in Virginia?
When applying for a money transmitter license in Virginia, you will have to submit the following documents:
- Financial Statements
- Locations of Authorised Delegates
- Company-owned branches
- Other trade names
- Registered agent
- Primary contact employees
- Bank account information
- AML/BSA Policy
- Business plan
- Certificate of Authority
- Agent Contract Sample
- Payment instrument sample
- Flow of funds structure
- Company formation documents
- Management chart
- Organizational chart
- Verification of Experience
Depending on your case, the regulator might ask you to submit additional documents. You can find a complete list of required documents here.
What Are the Money Transmitter License Cost Requirements in Virginia?
How Can I Get a Money Transmitter License in Virginia?
For a money services business to acquire a money transmitter license in Virginia, it must be registered with FINCEN. All applications for MTL are done electronically through the Nationwide Multistate Licensing System so you need to register for an account on their site. You should read through the requirements as explained on NMLS and the Virginia Bureau of Financial Institution’s site and prepare all the documents required. You can then fill in your application and pay all the requisite fees. It will take approximately 3 months for your application to be approved.
This page was last updated on August 29, 2022.