money transmitter
Wyoming Money Transmitter Laws & Licensing
Complete guide to money transmitter licensing in Wyoming. Covers application requirements, surety bond amounts, net worth minimums, FinCEN registration, and key statutes governing money transmission in Wyoming.
Wyoming money transmitter requirements at a glance
| Surety bond | $10,000 or 2.5 times outstanding payment instruments, whichever is greater, not to exceed $500,000 |
|---|---|
| Net worth requirement | Not published as a fixed figure we have verified; confirm the current net worth requirement with the state regulator before relying on it |
| Renewal cadence | Annual |
| FinCEN MSB registration | Required |
Application process
To obtain a money transmitter license in Wyoming, applicants generally need to submit a completed application to the Wyoming Division of Banking, 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 Wyoming 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 Wyoming 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). Wyoming may have specific requirements for cryptocurrency and virtual currency businesses.
Key statutes
- Wyoming Money Transmitters Act (Wyo. Stat. Ann. § 40-22-106) . Sets the security device at the greater of $10,000 or 2.5 times outstanding payment instruments, capped at $500,000.
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
