Money Transmitter License Washington Dc

Money Transmitter License in Washington DC - The Basics Whether you’re planning to start your money services business or expand your current money transmission business in Washington DC, you will have to apply for a money transmitter license. According to NMLS, a company is required to acquire this license if they intend to carry out these two business activities: Receive money or its equivalent value (equivalent value includes virtual currency) to transmit, deliver, or instruct to be delivered to another location, inside or outside the United States, by any means including but not limited to by wire, facsimile, or electronic transfer. Sell, issue, or act as an intermediary for open-loop prepaid access and payment instruments. WA Money Transmitter License Regulator The state regulator, Washington State Department of Financial Institutions (DFI) regulates and examines a variety of state-chartered financial institutions. Whereas, money transmitters in Washington are regulated by the Division of Consumer Services. ...