money transmitter
Florida Money Transmitter Laws & Licensing
Complete guide to money transmitter licensing in Florida. Covers application requirements, surety bond amounts, net worth minimums, FinCEN registration, and key statutes governing money transmission in Florida.
Florida money transmitter requirements at a glance
| Surety bond | Amount specified by rule, but not less than $50,000 and not exceeding $2,000,000 (rule allows for financial condition, number of locations, and anticipated volume) |
|---|---|
| Net worth requirement | $100,000, plus $10,000 for each additional location, capped at $2,000,000 |
| Renewal cadence | Annual |
| FinCEN MSB registration | Required |
Application process
To obtain a money transmitter license in Florida, applicants generally need to submit a completed application to the Florida Office of Financial Regulation, provide a surety bond of $250,000-$2,000,000, 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 Florida 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 Florida 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). Florida may have specific requirements for cryptocurrency and virtual currency businesses.
Key statutes
- Net worth; corporate surety bond (Fla. Stat. § 560.209(1)) . Requires a money transmitter to maintain net worth of at least $100,000, plus $10,000 per additional location, up to a maximum of $2,000,000.
- Florida Money Services Businesses Act (Fla. Stat. § 560.209(3)) . Requires a corporate surety bond set by rule, not less than $50,000 nor more than $2,000,000.
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
