money transmitter
New Mexico Money Transmitter Laws & Licensing
Complete guide to money transmitter licensing in New Mexico. Covers application requirements, surety bond amounts, net worth minimums, FinCEN registration, and key statutes governing money transmission in New Mexico.
New Mexico money transmitter requirements at a glance
| Surety bond | Greater of $300,000 or 1% of the licensee's total yearly dollar volume of money transmission business in New Mexico (or projected first-year volume), up to a maximum of $2,000,000 |
|---|---|
| Minimum net worth | $100,000 |
| Renewal cadence | Annual |
| FinCEN MSB registration | Required |
Application process
To obtain a money transmitter license in New Mexico, applicants generally need to submit a completed application to the New Mexico Regulation and Licensing, 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 New Mexico 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 New Mexico 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). New Mexico may have specific requirements for cryptocurrency and virtual currency businesses.
Key statutes
- Uniform Money Services Act, net worth (NMSA § 58-32-206) . Requires net worth of at least $100,000 for one to four locations and authorized delegates in New Mexico, with a higher amount above four.
- New Mexico Uniform Money Services Act (NM Stat. § 58-32-203) . Sets the required security (surety bond, letter of credit, or similar) for money transmission licensees at the greater of $300,000 or 1% of yearly volume, capped at $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
