money transmitter
Georgia Money Transmitter Laws & Licensing
Complete guide to money transmitter licensing in Georgia. Covers application requirements, surety bond amounts, net worth minimums, FinCEN registration, and key statutes governing money transmission in Georgia.
Georgia money transmitter requirements at a glance
| Surety bond | $250,000 minimum; the Department may require additional coverage, capped at $2,000,000 |
|---|---|
| Net worth requirement | Greater of $100,000 or a sliding scale of total assets (3% of the first $100 million, 2% of $100 million to $1 billion, 0.5% above $1 billion) |
| Renewal cadence | Annual |
| FinCEN MSB registration | Required |
Application process
To get a money transmitter license in Georgia, apply to the Georgia Department of Banking and Finance through NMLS.
Post a surety bond with a principal sum of $250,000. The Department may require additional coverage where your average daily money transmission liability warrants it, but the total cannot exceed $2,000,000 (O.C.G.A. 7-1-683.2(b)). Maintain tangible net worth of at least $100,000, or the sliding-scale amount if your total assets are larger: 3% of the first $100 million, 2% of assets from $100 million to $1 billion, and 0.5% above $1 billion.
You also provide audited financial statements, run a full BSA/AML program, register with FinCEN as a money services business, and pass background checks for all control persons.
Renewals
Money transmitter licenses in Georgia 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 Georgia 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). Georgia may have specific requirements for cryptocurrency and virtual currency businesses.
Key statutes
- Minimum tangible net worth; bonding; permissible investments (O.C.G.A. § 7-1-683.2) . Sets the Georgia money transmitter bond at a principal sum of $250,000, allows the Department to require additional coverage up to $2,000,000, and sets the tangible net-worth scale.
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
