Georgia

Who needs to register?

Under Georgia statute, businesses sending or receiving money transmissions in or through businesses located in the state must obtain a money transmitter license.

 

Who is the regulator?

Georgia Department of Banking and Finance

 

What are the money transmitter license requirements?

Registering as a transmitter in the state of Florida requires the following fees and documentation:

  • Statement of fees charged for transmission of money
  • Listing of Georgia agents
  • List of states currently licensed in for transfer of money
  • Name and address of agent for service in Georgia
  • Biographical Statement and Consent form for directors, officers, managers, and owners of 10% of the business, including: 1) name, address, % owned, social security number, contact information; 2) residential and office addresses; 3) residential history for last 10 years; 4) employment history over last 10 years, including periods of bankruptcy, judgment liens, or denial or revocation of bond; 5) criminal disclosures; 6) regulatory action disclosure; 7) civil action disclosure; 8) customer arbitration disclosure; 9) termination disclosure, responding to accusations of violations, fraud, dishonesty, theft; 10) disclosure of unemployment, student or extended travel; 11) passport photo; 12) details of any other business activities
  • Independent credit report for each director, office manager, and 10% owner of the business
  • Fingerprint card + $44.25 fee for each director, officer, manager, and owner of 10% of business
  • Copy of Certificate of Authority to do business in Georgia; copy of business license from city or county where business is located
  • Certificate of Incorporation, Partnership Agreement and bylaws
  • Copy of Statement of Assets and Liabilities ad profits and loss for most recent year, or latest tax return
  • Current, valid email address
  • Background checks for agents and employees through Georgia Crime Information Center and similar state law enforcement authority, if applicant’s home state is not Georgia
  • Federal taxpayer number
  • Contact information for designated person
  • Location of books and records
  • Website URL
  • Description of business activities in Georgia
  • Type of money transmission
  • Criminal or civil investigation history of applicant, officers, etc.
  • List of Georgia business locations
  • List of depository institutions where accounts are maintained
  • Sample receipt or acceptance showing name of licensee, identifier info, date of order, dollar amount of transfer, and fee charged
  • Copy of FinCEN and IRS registration as an MSB
  • Copy of anti-money laundering and BSA compliance program
  • Agent approval and monitoring process
  • $2,000 application fee + $250 investigation fee

 

What are the general bonding requirements?

Bonding requirements for Georgia include:

  • $50,000 surety bond
  • $5,000 for each additional location, amounting to no more than $250,000
  • Additional bonding may be required, amounting to no more than $1.5 million based on Average Daily Orders to Transmit Not Yet Paid

 

Additional resources:

Sale of Money Transmitters

 

 

Disclaimer: Information provided by Shipkevich, PLLC and any of its affiliated web pages is for general educational purposes only, and should not be taken as legal advice.