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Can I obtain a money transmitter license in Florida? What are the requirements?

To obtain a money transmitter license in Florida, you must comply with the Florida Control of Money Laundering in Money Services Business Act [1.1] and be licensed under Part II of Chapter 560 of the Florida Statutes [1.6].

The requirements for obtaining a money transmitter license in Florida are as follows:

  1. Submit an application for licensure to the Office of Financial Regulation (OFR) [1.6][1.5].
  2. Pay a nonrefundable application fee of $375 [1.6][1.5].
  3. Provide a complete set of fingerprints for each control person, which will be used to conduct a criminal background check [1.6][1.5].
  4. Provide a surety bond in the amount of $50,000 or an amount equal to the average daily outstanding payment instrument and/or stored value obligations, whichever is greater [1.6][1.2].
  5. Maintain a net worth of at least $100,000 [1.6][1.2].
  6. Maintain a physical presence in Florida [1.6][1.2].

Additionally, a money transmitter must comply with the money laundering, enforcement, and reporting provisions of s. 655.50 relating to reports of transactions involving currency transactions and payment instruments, as applicable, and of chapter 896 concerning offenses relating to financial transactions [1.1][1.4].

Please note that there are additional license application requirements, including submitting a sample authorized vendor contract, if applicable, and a sample form of payment instrument, if applicable, and providing documents demonstrating that the net worth and bonding requirements specified in s. 560.209 have been fulfilled, and a copy of the applicant’s financial audit report for the most recent fiscal year [1.2][1.5].

If you have any further questions, please feel free to ask.