Information for Newly Approved Money Transmitter Licensees

Money Transmitters are issued a Georgia license pursuant to the provisions of Title 7, Chapter 1, Article 4 of the Official Code of Georgia Annotated (O.C.G.A.).  The license is subject to the following conditions:

  1. The licensee shall at all times maintain collected funds on deposit in its clearing account sufficient to transmit money and/or to pay for outstanding transactions.
  2. Quarterly reports are due on agents, branch offices, and kiosks as well as outstanding transaction amounts and other information WITHIN 45 days after quarter end. You will need to complete an initial upload of agents and offices via UAAR in the Nationwide Multistate Licensing System (NMLS) as soon as possible.  Review the Authorized Agent Quick Guide for step-by-step instructions on submitting the upload in NMLS.  If you have no locations, go to the Manage Agents tab in NMLS and click “no agents” or “no changes”, as appropriate.  The Department will send an e-mail reminder to licensees quarterly as a reminder that Quarterly Reporting is due.  The Department adopted the Money Services Businesses Call Report (MSBCR) in 2017.  Please familarize yourself with the resources provided in NMLS regarding this quarterly report. In addition to the quarterly reporting through the MSBCR and the UAAR, licensees will need to complete an online form through the Department's website to report information about average daily outstandings. This fillable form can be found at https://dbf.georgia.gov/documents/quarterly-report-outstandings-sale-payment-instruments-and-money-transmitter-licensees.
  3. The licensee's surety bond coverage should be adjusted quarterly to cover average outstanding orders to transmit money and/or payment instruments issued/sold.  The Department assesses the licensee's quarterly outstandings to determine if high bond coverage is required; however, under no circumstances shall the additional bond coverage required by the Department exceed $2,000,000.  Any changes to the surety bond should be made through the Electronic Surety Bond (ESB) functionality in NMLS.
  4. Every licensee or authorized agent of a licensee shall display a copy of its license prominently in the premises where money transmission is conducted. Under the requirements of Department Rule 80-3-1-.01, failure or refusal to display this certificate at operational locations can result in an agent's termination or suspension.
  5. Georgia law requires the licensee to obtain background checks on covered employees and agents working in or for the licensee according to O.C.G.A. §7-1-684(f).  "Covered employee" means any employee of a licensee or an authorized agent engaged in any function related to money transmission.  These background checks are required to be obtained prior to hire and should be kept in the licensee's files. These are required to be lifetime checks done by a commercial background check company. At a minimum, for “Agents”, check the criminal background of the owners. There can be no convicted felons who have not sought and obtained/documented the remedies provided for in O.C.G.A. Section 7-1-684.
  6. Every licensee shall have an audit of its books and records performed at least annually by independent public accountants in accordance with generally accepted auditing standards. Such audit will be provided to the Department within ten (10) days of the Department's request for such information.
  7. A license may not be transferred, assigned or subject to a change of ownership/management without approval.  A fee of $500 is required for a change in control, ownership, or executive officer application. These fees will be assessed through an Agency Fee Invoice in NMLS once the application is received.  Some changes may require a new license application. Refer to the appropriate Amendment Checklist in NMLS for details.

These conditions must be complied with at all times in order to meet the statutory and regulatory requirements applicable to money transmission.  Please familiarize yourself with applicable Georgia laws and Department regulations to ensure consistent compliance. 

In addition, to help you comply with Federal laws and regulations governing your business, you should visit the following website: https://www.fincen.gov which was created by the Financial Crimes Enforcement Network (FinCEN) to address the needs of a special category of institutions under the Bank Secrecy Act (BSA) referred to as Money Services Businesses (MSBs).  Using this website will help you learn more about MSBs and the BSA requirements that apply. The following page: https://www.fincen.gov/financial_institutions/msb/materials.html  may benefit you since free materials are offered to help MSBs understand and comply with applicable federal laws and regulations. Also visit OFAC’s website at: http://www.ustreas.gov/offices/enforcement/ofac/sdn/.