money transmitter
District of Columbia Money Transmitter Laws & Licensing
Complete guide to money transmitter licensing in District of Columbia. Covers application requirements, surety bond amounts, net worth minimums, FinCEN registration, and key statutes governing money transmission in District of Columbia.
District of Columbia money transmitter requirements at a glance
| Surety bond | $50,000, increased by $10,000 per additional location, not to exceed $250,000 total |
|---|---|
| Net worth requirement | $100,000, plus $50,000 for each additional location or authorized delegate in the District, capped at $500,000 |
| Renewal cadence | Annual |
| FinCEN MSB registration | Required |
Application process
To obtain a money transmitter license in District of Columbia, applicants generally need to submit a completed application to the DC Department of Insurance, Securities and Banking, provide a surety bond of $25,000-$500,000, demonstrate minimum net worth of $100,000, provide audited financial statements, implement a comprehensive BSA/AML filings program, and pass background checks for all control persons. Many states now accept applications through NMLS. The application process typically takes 3-12 months depending on the state and complexity of the applicant's business model.
Renewals
Money transmitter licenses in District of Columbia generally require annual renewal. Renewal typically requires submission of audited financial statements, updated surety bond, quarterly or annual transaction reports, BSA/AML filing documentation, and payment of renewal fees. Some states require call report filings on a quarterly basis throughout the year.
Money transmitters operating in District of Columbia are also generally expected to register with FinCEN as a money services business (MSB) and implement a comprehensive BSA/AML filings program. This includes appointing a filings officer, developing written policies and procedures, conducting employee training, filing Currency Transaction Reports (CTRs), and submitting Suspicious Activity Reports (SARs). District of Columbia may have specific requirements for cryptocurrency and virtual currency businesses.
Key statutes
- License qualifications (D.C. Code § 26-1004(a)) . Requires net worth of at least $100,000, plus $50,000 for each additional location or authorized delegate in the District, with a maximum of $500,000.
- Money Transmitters Act of 2000 (D.C. Code § 26-1007) . Sets money transmission security at $50,000 plus $10,000 per location, capped at $250,000.
Federal baseline
Federal law applies in every state, not just this one.
- Bank Secrecy Act (31 U.S.C. § 5311) . Federal BSA/AML requirements for money services businesses
