Missouri Money Transmitter Bond
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How much does a money transmitter bond cost in Missouri?
The Missouri Division of Finance requires money transmitters to file a bond to obtain an approved license. The bond amount for initial applicants is $100,000. For renewals, the bond amount is 5 times the greatest amount transmitted in a single day during the previous year. The minimum amount for renewals is $100,000 and the maximum is $1,000,000.
Premiums for this bond will be based on a review of your credit report. To expedite the bonding process, it is helpful if you have your financial information ready when filing for a bond quote.
If you’re ready to get bonded, call SuretyBonds.com at 1 (800) 308-4358 or fill out our online bond request form.
Why do I need this bond?
Money transmitter bonds protect customers from illegal and fraudulent business activity on behalf of the principal (money transmitter). This bond holds money transmitters responsible for complying with the regulations outlined in the Missouri Sale of Checks Law.
Should the principal fail to adhere to the terms of the bond, valid claims can be filed against the bond. In the event of a valid claim, the surety will compensate the obligee for incurred damages up to the penal sum of the bond, but the principal must reimburse the surety in a timely manner.
Call 1 (800) 308-4358 or fill out our online bond request form to get started!
What’s the fine print?
The Missouri Division of Finance mandates money transmitters to file a surety bond before commencing business operations. The bond remains valid for 1 year before it must be renewed. If the surety wishes to cancel the bond for any reason, it must give the Director of Finance of the State of Missouri 60 days’ notice. During these 60 days, the surety remains liable for any claims filed against this bond.
How to become a money transmitter in Missouri
Money transmitter license applicants in Missouri must meet several requirements in addition to a surety bond. The following must be included for an applicant to receive an approved money transmitter license from the state:
- application (with both business and residence address of officers and directors in company)
- list of all Missouri business outlets
- CPA-certified audit
- surety bond or irrevocable letter of credit
- copy of your Bank Secrecy Act Registration of Money Services Business form and Certificate of Compliance
- proof of solvency form
- identification information
- $100 licensing fee
Missouri money transmitter licenses expire annually on April 15, so you must renew your license annually if you wish to remain in compliance with the law.
In addition to the state licensing requirements, you must first register with the Bank Secrecy Act filing system as a money services business (MSB). The Financial Crimes Enforcement Network (FinCEN), the regulatory agency for money transmitters, requires all money services businesses to submit registration with the BSA E-Filing system prior to receiving a state license. Helpful links for this registration process can be found in the Additional Resources section below.
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