money transmitter
Oregon Money Transmitter Laws & Licensing
Complete guide to money transmitter licensing in Oregon. Covers application requirements, surety bond amounts, net worth minimums, FinCEN registration, and key statutes governing money transmission in Oregon.
Oregon money transmitter requirements at a glance
| Surety bond | $25,000, increased by $5,000 per additional location/authorized delegate (amount otherwise set by rule/Director) |
|---|---|
| Net worth requirement | $100,000, plus $25,000 for each additional location or authorized delegate |
| Renewal cadence | Annual |
| FinCEN MSB registration | Required |
Application process
To obtain a money transmitter license in Oregon, applicants generally need to submit a completed application to the Oregon Division of Financial Regulation, 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 Oregon 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 Oregon 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). Oregon may have specific requirements for cryptocurrency and virtual currency businesses.
Key statutes
- Requirements for licensees; net worth (ORS § 717.215(1)) . Requires net worth of not less than $100,000, plus an additional $25,000 for each location or authorized delegate beyond the first.
- Oregon Money Transmission (ORS Chapter 717) (ORS 717.225) . Requires each license application to be accompanied by a security device of $25,000, increased by $5,000 for each additional location or authorized delegate.
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
