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

To obtain a money transmitter license in Georgia, you must comply with the requirements set forth in GARR Rule 80-3-6-.01, GARR Rule 80-3-5-.02, GARR Rule 80-4-1-.02, GACO 7-1-681, and GACO 7-1-683.

According to GARR Rule 80-3-6-.01 [2.1], if you satisfy the definition of a Money Service Business (MSB) under the Bank Secrecy Act, you must register with the Financial Crimes Enforcement Network, United States Department of the Treasury, and comply with other recordkeeping and compliance laws. Additionally, you must have a compliance program and comply with the recordkeeping requirements, currency transaction reporting, and suspicious activity reporting set forth in the Bank Secrecy Act provided you are required to do so under the Bank Secrecy Act.

GARR Rule 80-3-5-.02 [1.2] requires that all applications for new or renewal licenses must be made through the Nationwide Multistate Licensing System and Registry (NMLSR) unless otherwise exempted from this requirement by the Department in writing. All licenses issued shall expire on December 31 of each year, and an application for renewal shall be made annually between November 1 and December 31 each year.

GARR Rule 80-4-1-.02 [2.1] states that all licensees under Article 4A of Chapter 1 of Title 7 that satisfy the definition of an MSB under the Bank Secrecy Act, shall comply with the federal registration requirements for such businesses and shall provide the Department with evidence of such registration.

GACO 7-1-681 [3.1] requires that a license issued pursuant to this article shall be kept conspicuously posted in the place of business of the licensee. If the licensee has no physical location in this state, then a copy of such license and the licensee’s unique identifier shall be clearly posted and accessible through whichever medium the licensee engages in the sale of payment instruments or money transmission in this state.

GACO 7-1-683 [3.2] outlines the requirements for licensure, including submitting an application in writing, furnishing required information to the NMLSR, submitting other data and financial statements, and paying an investigation and supervision fee. Additionally, the department may grant a single license naming both the seller and issuer as joint licensees.

Therefore, to obtain a money transmitter license in Georgia, you must register with the Financial Crimes Enforcement Network, comply with the recordkeeping and compliance laws set forth in the Bank Secrecy Act, apply for a license through the NMLSR, comply with the display requirements set forth in GACO 7-1-681, and meet the requirements for licensure set forth in GACO 7-1-683.