money transmitter
Pennsylvania Money Transmitter Laws & Licensing
Complete guide to money transmitter licensing in Pennsylvania. Covers application requirements, surety bond amounts, net worth minimums, FinCEN registration, and key statutes governing money transmission in Pennsylvania.
Pennsylvania money transmitter requirements at a glance
| Surety bond | $1,000,000 |
|---|---|
| Minimum net worth | $500,000 |
| Renewal cadence | Annual |
| FinCEN MSB registration | Required |
Application process
To obtain a money transmitter license in Pennsylvania, applicants generally need to submit a completed application to the Pennsylvania Department of Banking and Securities, 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 Pennsylvania 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 Pennsylvania 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). Pennsylvania may have specific requirements for cryptocurrency and virtual currency businesses.
Key statutes
- Money Transmission Business Licensing Law, qualifications for a license (7 P.S. § 6104 (Act 249 of 1965, as amended by Act 7 of 2025)) . Requires an applicant to have tangible net worth of at least $500,000 as shown by audited financial statements.
- Money Transmission Business Licensing Law (Money Transmitter Act), as amended by Act 7 of 2025 (7 P.S. § 6106 (Money Transmission Business Licensing Law, § 6)) . Requires each license application to be accompanied by a bond in the penal sum of $1,000,000, plus a $500,000 tangible-net-worth requirement.
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
