Wyoming Money Transmitter License Overview
Who Controls the Wyoming Money Transmitter License?
The Wyoming Division of Banking issues a Money Transmitter license to entities engaged in the business of money transmission that advertises, offers or provides services to Wyoming residents, for personal, family or household use, through any medium including, but not limited to, internet or other electronic means. This includes money transmitters; money order issuers and sellers; traveler checks issuers and sellers; issuers, providers and/or sellers of pre-paid access; certain bill pay providers; certain escrow companies; certain foreign currency exchangers.
Activities Authorized Under This License
This license authorizes the following activities:
- Electronic money transmitting
- Issuing traveler’s checks
- Selling traveler’s checks
- Issuing money orders
- Selling money orders
- Bill paying
- Issuing and/or selling drafts
- Issuing prepaid access/stored value
- Selling prepaid access/stored value
- Foreign currency dealing or exchange
- Other – money
Wyoming MTL Net Worth and Surety Bond
To acquire a license in Wyoming, you need a minimum tangible net worth of $25,000. You shall also be required to submit a surety bond of $500,000 or a premium in the amount of $12,500.
Wyoming Money Transmitter License Cost
Step-by-Step Guide to Obtain an MTL in Wyoming
- Register for the Financial Crimes Enforcement Network (FinCEN). All money services businesses are required to register with FinCEN before applying for a money transmitter license.
- Go to the NMLS website to gain access to all licensing-related application forms. Go through the forms and read the requirements before starting filling out the application.
- Prepare all the documents required for the application. You will have learned about these in the step above. Examples include a business plan, a compliance program, a flow of funds, and audited financial statements.
- Pay all the fees associated with the application.
- Patiently wait for license approval. It takes approximately 3 months for the application for Wyoming’s Money Transmitter License to be approved.
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This page was last updated on October 9, 2023.
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