Washington Money Transmitter License (WMTL) is required for those who are receiving money or its equivalent value to transmit, deliver, or instruct to be delivered the money or its equivalent value to another location, inside or outside the U.S. Licensing Authority is Department of Financial Institutions, Washington.
What are the requirements to apply for a Washington Money Transmitter License?
Important documents required for Washington Money Transmitter License:
- Master Business License
- Registration with Washington Secretary of State
- Credit Report for persons
- FBI Criminal Background Check
- Bank Account Details
- List of Qualifying individuals
- Audited financial statements of prior 2 years in accordance with GAAP, current financial statement, and 2 years projected financial statement
- Authorization for Background checks
- Business Plan
- Management Chart and Organizational Chart showing ownership percentage
- Anti- Money Laundering Policy
- List of countries from where the applicant will be transmitting money to & from
- Assessment tracking
- 12 Month’s Money Transmissions
- Third-Party Investigatory Background Checks for any person not resident in the USA for at least 5 years
- Company Formation Documents
- Authorized Agent Locations
- Registration with FinCEN as a Money Services Business
- Surety bonds
The documentation required will vary from applicant to applicant.
How much does it cost to obtain a Washington Money Transmitter License?
The License Fee is $1000 (Non-refundable), a Credit report is$ 15 per person, FBI Background Check $36.26 per person. The renewal fee is ranging from a minimum of $1,000 to a maximum of $100,000, based upon the volume of business. The $1,000 minimum is required even if no business was conducted. Net worth is $10,000 for every $1 million of money transmission. The minimum tangible net worth is $10,000, the maximum is $3,000,000. General bonding requirements are based on the previous year’s transmission dollar volume and range from $10,000 to $550,000. Legal Fee varies between $8,000-$12,000.
Empire Global has a team of experienced professionals who will assist you through the entire process of the Washington Money Transmitter License application including assistance in the preparation of documents, submission of application and responding to any queries. We request you to get in touch with Empire Global at the earliest to understand the entire process in detail and apply for a Washington Money Transmitter License.