Florida requires a Money Services Business Surety Bond, or Money Transmitter Bond, for companies transmitting money from or to a different business. The amount required for this surety bond varies, which can be between $50,000 and $2,000,000. Money services businesses must also have a license in which they can obtain through the Florida Office of Financial Regulation.
Money services business applicants can obtain an application from the Office of Financial Regulation Financial Services Commission. All forms and fees will need to be submitted the Department's Real System.
Applicants will need to complete the application and check the appropriate applicable license boxes: Money Transmitter, Payment Instrument Issuer, Foreign Currency Exchanger, and Check Casher.
If the business is a partnership, corporation or limited liability company, provide formation documents and a Certificate of Good Standing.
Applicants will need to provide an organization chart (include any subsidiaries or parent companies), the business anti-money laundering written program, copies of any Securities and Exchange Commission filings or filings with a similar regulator (if applicable), and the name of the exchange or stock symbol (if applicable).
A surety bond is required for licensure. A minimum $50,000 for an initial startup business is required. The Commission will determine future bond amounts based on contributing factors, including business projections, financial condition of the applicant, volume of money transmissions annually and the number of locations. The bond maximum will not exceed $2,000,000. In lieu of a bond, a certificate of deposit, letter of credit or other security may be deposited with the state of equal value of the bond amount.
Any of the following must submit fingerprints and pass a criminal background check: the owner or sole proprietor, chief financial officer, chief executive officer, chief operations officer, chief compliance officer, chief legal officer, BSA/AML compliance officer, director, member, controlling shareholder, and responsible person. Each person must also complete the Biographical Summary Form.
All disclosure statements must be completed and if any answers are "Yes," provide an explanation for each one.
Provide copies of the applicant's audited financial statements. A minimum net worth of $100,000 is required for the main address of the business. For each additional location, the net worth increases $10,00 to a maximum of $2,000,000.
Applicants that use armored cars to move money and valuables and that have a minimum cargo insurance policy for any one shipment of $2,000,000 are not required to have a bond.
The premium that you pay for a Florida Money Services Business Bond is dependent on credit and the bond amount required. For bond amounts over $50,000, business and/or personal financial statements will be required.
Our Surety Bond Specialists are ready to assist you with your bonding needs.
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For more information, read our Blog on Money Transmitter Bonds.