The Money Transmitter License in Florida is issued by the Division of Finance of the Office of Financial Regulation. With a license, any entity will get the right to transmit currency, monetary value, and payment instruments. Allowed methods to use are wire, facsimile, electronic transfer, courier, and internet. The purpose of the license is to ensure that the licensees meet the requirements for engaging in such operations. The name of the License is Money Transmitters Part II.
What are the requirements for obtaining the Florida Money Transmitter License?
To obtain the Florida Money Transmitter license, every entity has to go under the process of preparing a lot of documents required for the application. Among them, the main are as follows:
- Personal contact information
- Legal business name, Office address and phone number
- IRS Employee Identification Number (FEID); for sole proprietors – SSN
- Financial details, stability, and overall suitability
- Certificate of good standing
- Employment history for the past 5 years for each officer, director, responsible person, the compliance officer, each controlling shareholder
- The applicant’s history of operations in other states if applicable and a description of the money services business
- A description of the organizational structure
- Anti-Money laundering policy
- Extensive background check and criminal conviction
- FinCEN registration
Applicants are subjected to Minimum Net Worth, Annual Audited Financial Statements and Surety Bond requirements under Chapter 560.209, Florida Statutes.
What is the process of obtaining the Money Transmitter License in Florida?
To apply for a license as a money services business the applicant must apply to the Office, fingerprints electronically submitted to the Department of Law Enforcement. The applicant is required to register for an online account and submit an application for licensure via the Office of Financial Regulation’s Online Services. If the applicant meets the qualifications and requirements, the Office shall issue a license to the applicant. A license may not be issued for more than 2 years. Furthermore, the Office may reject your application if you have not met certain prerequisites before submission.
How Much does it cost to obtain a Money Transmitter license in Florida?
The cost of Money Transmitter license in Florida is $375 for the Part II applicants (Money Transmitters and Payment Instrument Issuers) and $188 for the Part III applicants (Check Cashers and/or Foreign Currency Exchangers). If you have already been approved for Part II, you don’t have to cover the fees for operating under Part III. Fee per branch office is $38, and for each location of an authorized vendor also $38.
A surety bond or alternative device is required. The minimum amount is $50,000, which can increase to $2 million depending on the value of transmissions. It is calculated as 2% of total projected transmissions during the first year.
License renewal fees: Part II cost $750, per branch office $38, for each location of an authorized vendor $38.
The annual license fee has to be paid every year. Quarterly and Annual Financial audited statements have to be submitted every year.
Renewal fees for branch offices and authorized vendors are limited to $20,000 biennially. Money Transmitters are required to maintain a federal registration as a Money Services Business (MSB) and comply with federal record-keeping and reporting requirements. Legal Fee varies between $5,000.00- $10,000.
Empire Global has a team of experienced professionals who will assist you through the entire process of Florida Money Transmitter License application including assistance in the preparation of documents, submission of application and responding to any queries from the Office. We request you to get in touch with Empire Global at the earliest to understand the entire process in detail and apply for a Florida Money Transmitter License.