Over the past decade, greater industry requirements and stricter licensing requirements have been put in place due to revolutions in digital commerce and online payments. To obtain a money transmitter license, many states require a surety bond, called a money transmitter bond. Money transmitters are often held to a high standard as they are expected to handle their client's money responsibly and lawfully. If you are an online retailer that accepts online payments, you will most likely need this type of bond.
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If your business uses money transmitters, you will need to secure a surety bond to obtain your money transmitter license. The surety bond is required by whatever state you're in if you are using payment services, including wire, facsimile, electronic transfer, or payment instruments, such as money transmitters. Money transmitters are involved in the process of selling, issuing, or delivering payment instruments. These include checks, electronic payment transmissions, and money orders. This is a common licensing requirement if a business uses money transmitters, and each state determines the bond amount. The state you are in will determine the bond amount, of which you will pay a percentage of that amount.
The Florida Money Transmitter Bond runs continuously from effective date until canceled. The bonding company will bill for the bond annually. It is likely that variations in business volume each year will require either cancellation and rewriting, or amending the bond periodically as the Florida Office of Financial Regulation, Division of Consumer Finance may dictate.
Contact The ProSure Group. As surety bond experts in business over 23 years in Florida, The ProSure Group has handled hundreds of bonds of this type and has partnerships with more than 30 different surety companies. This ensures that we get you the best, most competitive pricing and terms available in the marketplace. You just need to complete our simple application and one of our specialists will quickly contact you.
What you will need to submit to obtain your license:
Registration with the U.S. Department of Treasury, Financial Crimes Enforcement Network (FinCEN) is required within 180 days of the date the business was established. Applicants must register using the Bank Secrecy Act (BSA) E-Filing System.
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