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Money Transmitter Bond - NC Office of the Commissioner of Banks

Money Transmitter Bond - NC Office of the Commissioner of Banks 2025

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This document is a surety bond required under the North Carolina Money Transmitters Act, binding the Principal and Surety to ensure the faithful performance of obligations related to money transmission. It outlines the conditions under which the bond is effective, including liability limits, cancellation procedures, and trust provisions for claimants in case of bankruptcy. The bond becomes effective on a specified date and remains in force until canceled.

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How much does a money transmitter license cost?

Breaking Down the Costs by each state StateLicense Application FeesHigh Level Estimate of Surety Bonds (~1.5% of Bond Amount) California $5,000.00 $3,250.00 Colorado $7,500.00 $3,250.00 Connecticut $1,875.00 $3,900.00 Delaware $230.00 $325.0051 more rows Sep 9, 2024

What is a money transmitter licence?

A Money Transmitter License is an official authorization or money service business license that empowers a firm or individual to facilitate the movement of capital. This license enables MSBs to handle financial transactions, ranging from digital payments to wire transfers.

Which states require a money transmitter license?

If you operate a cryptocurrency-related business, most regulators will view your business as a money transmitter. As such, your business is subject to the U.S. Bank Secrecy Act (BSA) and must register for a money transmitter license. This applies in all states, except Montana.

Who regulates money transmitters in the US?

The Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department requires MSBs to register. It is also a felony to engage in money transmission without a license in any state that requires a license to operate.

Who is the officer of the Commissioner of Banks in North Carolina?

Ms. Bosken became North Carolinas 13th Commissioner of Banks, August 31, 2021, upon confirmation by the House and Senate in the North Carolina General Assembly. She was reconfirmed to a new four-year term on March 23, 2023 with her term ending March 31, 2027.

What is an example of a money transmitter?

Money transmitters are entities accepting currency issued by a financial agency or institution, electronic funds transfer network, or any other person engaged as a business in the transfer of funds. Examples include Western Union money transfers, PayPal, and Venmo.

What is a money transmitter bond?

A money transmitter is a business that offers money transfer services. A money transmitter bond is meant to guarantee the professional and honest rendering of services by businesses that offer money transmitting services.

Money Transmitter Bond - NC Office of the Commissioner of Banks 2025

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