money transmitter
Ohio Money Transmitter Laws & Licensing
Complete guide to money transmitter licensing in Ohio. Covers application requirements, surety bond amounts, net worth minimums, FinCEN registration, and key statutes governing money transmission in Ohio.
Ohio money transmitter requirements at a glance
| Surety bond | Security device (surety bond or permitted alternative) of not less than $300,000, up to a maximum of $2,000,000 as the Superintendent finds appropriate |
|---|---|
| Minimum net worth | $500,000 |
| Renewal cadence | Annual |
| FinCEN MSB registration | Required |
Application process
To obtain a money transmitter license in Ohio, applicants generally need to submit a completed application to the Ohio Division of Financial Institutions, 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 Ohio 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 Ohio 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). Ohio may have specific requirements for cryptocurrency and virtual currency businesses.
Key statutes
- Licensee requirements (Ohio Rev. Code § 1315.05) . Requires a licensee to maintain minimum net worth of not less than $500,000, excluding assets the superintendent disallows.
- Ohio Money Transmitters Act (Ohio Rev. Code § 1315.07) . Requires each money transmitter licensee to maintain a security device of not less than $300,000, not exceeding $2,000,000 absent supervisory action.
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
