Washington Money Transmitter Bond
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How Much Does a Washington Money Transmitter Bond Cost?
The Washington Department of Financial Institutions (DFI) requires money services businesses to file surety bonds to work in the state. The required bond amount is based on money transmission and payment instrument dollar volume in the previous year. Bond amounts must fall between $10,000 and $550,000. Verify your required bond amount using the DFI website prior to purchasing.
These bonds are subject to underwriting, which means the price depends on the required amount as well as a review of the applicant’s personal credit report. Rates are typically between 1% and 10%. Request your free quote now.
If your businesses provides currency exchange services, visit our Washington Currency Exchanger Bond page.
How Do Money Transmitter Bonds Work?
Money transmitter surety bonds in Washington protect customers and the state from fraudulent activity that might occur on behalf of the principal (money transmitter). By posting this bond, you promise to never use a scheme, device or scam to defraud any person or knowingly make false or deceptive statements about fees and other terms of a money transmission or currency exchange.
If you fail to meet the terms stated in Chapter 19.230 of the Revised Code of Washington, a claim can be filed against the bond. If valid, the surety will reimburse consumers for any losses up to the full bond amount. Then, you must repay the surety for all damages.
What's the Fine Print?
Washington money transmitter surety bonds are continuous until canceled. If the surety decides to cancel this bond, written notice of cancellation must be given to the Director of the Department of Financial Institutions. Cancellation becomes effective 30 days from the receipt of said notice.
Can I Get Bonded With Bad Credit?
Don’t let low credit stop you from purchasing the surety bond you need! SuretyBonds.com offers an exclusive bad credit bonding program to help applicants qualify for their bonds quickly and easily. Request a free bond quote now!
How to Become a Licensed Money Transmitter in Washington
To become a licensed money transmitter professional in Washington, you must:
- Complete any prerequisite requirements
- Identify and gather the items to be electronically uploaded and entered into NMLS
- Identify and gather the items to be sent to DFI
- Provide proof of necessary net worth (between $10,000 and $3,000,000)
- File a surety bond
- Provide a copy of your anti-money laundering program and most recent independent review
- Submit individual background forms and credit reports
- Provide relevant information for applicant, business, ownership and personnel
- Pay $1,000 license fee (additional $100 per location up to $6,000)
A money transmitter license is valid from the date of issuance with no expiration date unless suspended or revoked by the Director of the DFI. A complete application checklist can be found below.
In addition to meeting the state requirements for a license, money transmitters in Washington must register as a money services business (MSB) with the Financial Crimes Enforcement Network (FinCEN). This registration process is completed through the Bank Secrecy Act (BSA) E-Filing System.
Take the first step toward becoming a licensed money transmitter by purchasing the surety bond you need.
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