Florida Money Transmitter License: Checklist and Requirements
Sep 26, 2025
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18 min read
Contents
Florida is a major hub for financial services, making it an attractive market for money services businesses. Before operating, companies that intend to provide money transmission services must meet state regulations, including obtaining a Florida Money Transmitter License (MTL).
If you deal with remittances, digital payments, or currency exchange, getting licensed means meeting financial requirements, passing background checks, and staying on top of ongoing compliance.
In this guide, we'll provide a detailed overview of the Florida money transmitter license, covering application steps, costs, and compliance requirements.
InnReg is a global regulatory compliance and operations consulting team serving financial services companies since 2013. If you need assistance with compliance or fintech regulations, click here.
Overview of the Florida Money Transmitter License
The Florida Office of Financial Regulation (OFR) issues money transmitter licenses to businesses engaged in money transmission activities within the state.
This license regulates financial activities by requiring businesses to meet operational and financial standards. It applies to companies that transfer funds, issue payment instruments, or provide virtual currency exchange services in Florida.
Who Needs a Florida Money Transmitter License?
Any businesses that transmit or exchange on behalf of others in Florida typically need a money transmitter license. This applies to companies involved in moving funds between parties, whether through traditional or digital methods.
Businesses outside Florida must comply if they serve customers in the state. Licensing requirements apply whenever money transmission involves Florida residents, regardless of the company's location.
Businesses that commonly need the money transmitter license include:
Fintech companies: Businesses offering peer-to-peer transfers or cryptocurrency exchanges that act as intermediaries with unilateral transaction control (per 2023 virtual currency amendments).
Payment processors: Companies that facilitate transactions between buyers and sellers by handling funds.
Remittance services: Money transfer businesses that send funds within the US or internationally.
Currency exchangers: Businesses that convert one form of money into another, including cryptocurrency exchanges.
You should note that a license is also required if a business takes possession or control of funds for transmission. Even if a company does not directly handle money but has authority over its movement, it may still need to be licensed.
Exemptions from the Florida Money Transmitter License
Not all businesses that move money require a Florida money transmitter license. Certain entities are exempt based on the nature of their operations or existing regulatory oversight.
Florida provides only three statutory exemptions under F.S. § 560.104:
Banks and credit unions: Federally or state-chartered institutions organized under state or federal law.
United States government agencies: Federal agencies managing funds for public purposes.
Florida state government: Including political subdivisions and local entities.
Note that Florida does not recognize federal regulatory exemptions. Even entities exempt from FinCEN MSB registration due to CFTC or SEC oversight must obtain Florida licenses unless meeting these narrow statutory exemptions.
In addition, some businesses may operate under another company's license as authorized vendors, but this requires formal written contracts and proper filing with the OFR.
Step-by-Step Guide to Applying for the Florida Money Transmitter License
Applying for a Florida money transmitter license takes multiple steps, including financial disclosures, background checks, and regulatory approvals. Here’s what you need to do.
Checklist for Florida Money Transmitter License Application
To meet licensing requirements, you must submit specific documents and comply with state regulations. Use this checklist to keep track of each step and confirm you meet all requirements.
Business Information
☐ Legal business name and structure (LLC, corporation, etc.)
☐ Articles of incorporation or organization
☐ Business address and contact details
☐ Employer Identification Number (EIN) from the IRS
☐ Certificate of Good Standing from the Florida Division of Corporations
☐ Registered agent details for service of process
☐ Audited business financial statements
Financial Requirements
☐ Audited financial statements for the past fiscal year
☐ Minimum net worth documentation (as required by Florida law)
☐ Surety bond meeting Florida’s required amount
☐ Bank account details for business operations
Compliance and Operations
☐ Detailed business plan outlining services, operations, and target markets
☐ Anti-money laundering (AML) and compliance policies
☐ List of authorized vendors (if applicable)
☐ Flow of funds diagram detailing how money moves through the business
Ownership and Management
☐ List of owners, directors, and key executives
☐ Background check and fingerprinting for key personnel
☐ Resumes and professional qualifications of key executives
Application Submission
☐ Florida Office of Financial Regulation's Online Services Portal registration completed
☐ Application fees paid through the OFR REAL System
☐ All required forms and supporting documents uploaded
☐ Any additional state-specific disclosures or affidavits required
This checklist helps businesses stay organized and avoid delays in the application process. Missing information can lead to processing delays or critical deficiencies, so it's important to review all requirements carefully before submitting.
How to Apply for a Florida Money Transmitter License
Obtaining a Florida Money Transmitter License involves multiple steps, each requiring careful attention to detail.
Step 1: Determine Eligibility
Before applying, you should determine whether your operations fall under Florida’s money transmitter regulations. Review the types of transactions your firm facilitates and how it handles funds. When in doubt, you should request this determination from the regulator.
If a company directly receives or transfers money on behalf of customers, it likely requires a license.
Step 2: Register with the REAL System
Start your application by visiting Florida’s Regulatory Enforcement and Licensing (REAL) System. Unlike 44 other states that use the Nationwide Multistate Licensing System (NMLS), Florida requires direct application through its proprietary OFR Online Services portal.
If you’re a new user, start by clicking the “Create a User Account” link and filling out the registration form. Once completed, you’ll receive a confirmation email containing a temporary password and a link to activate your account.
Returning users can simply log in using their existing credentials.
After logging in, go to “Apply for a License/Registration” > Select Chapter 560 > Choose Money Transmitter or Payment Instrument Issuer (Part II license)
Make sure to review the license description before continuing to ensure it matches your intended business activities.
Step 3: Complete and Submit Form OFR-560-01
This online form is the core of your license application. It collects detailed information across multiple sections, including:
Legal business name and structure
FEIN, contact details, and recordkeeping address
Ownership structure and control persons
Business services and proposed operations
AML program, security device information, and more
Each section must be completed accurately. You can save progress and return later, but starting a new application will erase previous entries.
Step 4: Upload Supporting Documents
Once you’ve completed the application form, the REAL System will prompt you to upload your supporting documentation. This step is essential for verifying your business structure, compliance protocols, and financial readiness.
Typical documents you may need to upload include:
Articles of incorporation or organization
A current Certificate of Good Standing
Anti-money laundering (AML) policies and procedures
Financial statements and operational projections
A flow of funds diagram showing how money moves through your system
Biographical summaries for all control persons
Sample payment instruments, if your business issues them
To upload each file, click the “Choose File” button, select the correct document from your computer, then use the “Attach” button to upload it. Be sure to choose the correct document type from the dropdown menu before proceeding to the next step.
Step 5: Undergo Background Checks
Florida requires owners, directors, and key executives of money transmitter businesses to complete background checks as part of the licensing process. This helps regulators assess the integrity and qualifications of those responsible for the company’s operations.
Applicants must submit fingerprints for a criminal history review conducted by state and federal authorities. Any past convictions, financial crimes, or regulatory violations could impact the approval process.
Additionally, personal and professional background information may be reviewed to verify qualifications and industry experience. Since background checks can take time to process, completing this step early in the application process helps prevent unnecessary delays.
Step 6: Meet Financial Requirements
Applicants must demonstrate financial stability to qualify for a Florida Money Transmitter License. This includes meeting specific net worth and bonding requirements, both of which are tied to the scale and structure of the business.
The minimum net worth requirement starts at $100,000 for the main office and increases by $10,000 for each additional location or authorized vendor, up to a maximum of $2 million. This ensures that the company has adequate financial resources to operate securely. Compliance is typically verified through audited financial statements submitted with the application.
In addition, applicants must obtain a surety bond or alternative security device as a financial safeguard. The required bond amount ranges from $50,000 to $2 million and is based on the applicant’s projected transaction volume. Florida law requires this amount to be calculated using 2% of the total expected transaction value for the first year of operations.
A federally insured financial institution must back the bond or alternative device and formally pledge to the Florida Office of Financial Regulation. Acceptable forms include a Bond Form (OFR-560-06), a Pledge Agreement (OFR-560-05) for a certificate of deposit, or a letter of credit.
Additionally, Florida requires maintaining permissible investments equal to 100% of outstanding transmissions and payment instruments under F.S. § 560.210. Qualifying investments include cash, certificates of deposit, banker's acceptances, and investment-grade securities. Virtual currency is specifically excluded from permissible investment calculations.
Step 7: Pay Application Fees
Submitting a Florida money transmitter license application requires payment of non-refundable fees to the OFR. These fees cover the cost of reviewing the application, conducting background checks, and processing required documentation.
The total amount varies based on factors such as business size and the number of individuals undergoing background checks. Common fees include:
$375 application fee for Part II licenses (Money Transmitter or Payment Instrument Issuer)
Fingerprinting and background check fees per person (required for all control persons, varies by FDLE vendor)
$38 per additional branch or authorized vendor location
After completing your application, you’ll be prompted to either “Pay Now” or add the charges to your cart. If you choose the latter, be sure to return to the “Make Payments” section on your REAL System dashboard to complete the transaction. Your application will not be processed until you pay all applicable fees in full.
Because these fees are non-refundable, it’s important to double-check your application for accuracy and completeness before submitting payment.
Step 8: Submit the Application and Await Approval
Once you meet all requirements, you must submit your completed application through the Florida Office of Financial Regulation’s Online Services Portal.
The OFR reviews each submission to verify compliance with state laws, and during this process, regulators may request additional information or clarifications. That requires prompt responses to help prevent unnecessary delays.
Approval timelines vary based on factors such as the complexity of the business model, the adequacy of submitted documents, and how many applications they’re processing. Applicants should monitor their account in the OFR’s portal for status updates and be prepared to respond to any follow-up requests.
Costs and Timelines for the Florida Money Transmitter License
Below is a breakdown of the fees associated with obtaining a Florida money transmitter license and the expected timeline for approval.
See also:
Costs Involved in a Florida Money Transmitter License Application
Here are the key expenses businesses should budget for.
1. State Licensing Fees
Applicants must pay several non-refundable fees to the Florida OFR. The primary application fee is $375, which covers the review and processing of the license under Part II of Florida’s Money Services Businesses Act. This fee applies whether the applicant is registering solely as a money transmitter or in combination with other permissible activities under the same part.
In addition to the application fee, each owner, director, and key executive must undergo fingerprinting and a criminal background check as part of the state’s due diligence process. Fingerprinting and background screening fees are charged per individual according to current Florida Department of Law Enforcement (FDLE) vendor pricing and must be submitted through an FDLE-approved Livescan vendor.
If the business operates through additional branch offices or authorized vendor locations, a $38 fee applies for each location. These fees are assessed during both the initial application and any future amendments involving new sites.
2. Surety Bond Requirement
Florida requires businesses to obtain a surety bond as a financial guarantee to comply with state money transmission laws. The bond amount varies depending on the company’s size, transaction volume, and risk level.
The minimum bond amount is $50,000, while the maximum bond amount can reach $2,000,000 for businesses with higher transaction volumes. The required bond amount is specifically calculated as 2% of the total projected or actual volume of money transmissions and payment instruments over a one-year period, rounded up to the nearest $50,000 increment.
The annual bond premium typically ranges from 1% to 5% of the total bond amount, meaning businesses may pay anywhere from $500 to $100,000 per year to maintain coverage.
3. Legal and Compliance Costs
Partnering with experienced compliance advisors, such as InnReg, can help businesses navigate the licensing process more efficiently while reducing regulatory risks.
Legal and compliance costs vary based on business complexity, typically ranging from $10,000 to $50,000. These expenses cover legal counsel, compliance consulting, and the development of essential policies, such as AML programs.
Additionally, audited financial statements, often required as part of the application, can add $5,000 to $20,000 to the total cost. These audits provide regulators with proof of financial stability. Background checks for key personnel, which assess integrity and financial responsibility, generally range from $100 to $500 per individual.
While these costs contribute to the overall expense of obtaining a license, working with experts can streamline approvals, minimize delays, and help prevent costly compliance issues down the road.
4. Ongoing Regulatory and Renewal Costs
Beyond the initial licensing expenses, businesses must plan for annual compliance and renewal costs to maintain their Florida money transmitter license.
After two years, companies must pay a license renewal fee of $750 to keep their registration active. Additionally, the surety bond must be renewed annually, with costs ranging from $500 to $100,000 per year, depending on the company’s transaction volume and risk profile.
Businesses should budget $2,000 to $10,000 per year for these ongoing requirements, which include independent audits, staff training, information security, and regulatory reporting.
5. Hidden and Unexpected Costs
Beyond the standard application and renewal fees, businesses should also budget for additional expenses that may arise during the licensing process. These can include:
Additional legal consultations: If regulators request more documentation or clarifications, businesses may need extra legal support, increasing attorney fees.
Document preparation costs: Some companies may need third-party assistance for preparing detailed business plans, financial statements, or compliance policies.
Technology and system upgrades: Businesses may have to implement secure transaction monitoring or reporting systems to meet regulatory compliance standards.
State-specific compliance changes: Florida’s regulatory requirements may evolve, requiring businesses to invest in ongoing compliance updates.
While these costs are not always part of the initial budget, planning for them can help prevent financial strain during the licensing process.
Total Estimated Costs
The total cost of obtaining and maintaining a Florida money transmitter license ranges between $10,000 and $30,000 in upfront costs, which include application fees, legal and compliance expenses, and the initial surety bond premium.
In addition to these initial expenses, businesses must budget for ongoing annual costs ranging from $5,000 to $25,000. These recurring expenses cover license renewals, surety bond renewals, AML training, and compliance audits, all of which are essential for maintaining good standing with regulators.
For larger businesses, particularly those processing high transaction volumes or operating in sectors like cryptocurrency, costs can be significantly higher.
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Timelines for Approval of a Florida Money Transmitter License Application
Here’s the expected approval timeline for a Florida money transmitter license and the factors that may affect processing times.
1. Initial Application Review (2-4 Weeks)
After submission through the online portal, the Florida OFR reviews the application for completeness. Delays can occur if forms are incomplete, business formation documents are missing, or fees are incorrectly paid. If any issues arise, the OFR will request corrections, which can extend processing time.
2. Background Checks and Financial Review (4-8 Weeks)
Regulators conduct background checks on owners, directors, and key executives while assessing the business’s financial health. Processing times may increase if the ownership structure is complex, fingerprinting and criminal history reports take longer than expected, or financial statements require further clarification.
3. Compliance and Business Model Assessment (6-12 Weeks)
The OFR evaluates the applicant’s business model, AML policies, and transaction monitoring procedures to maintain compliance with state and federal regulations. Delays may occur if AML or compliance policies are inadequate, the business model requires additional controls, or regulators request further documentation, such as revised risk management procedures.
4. Final Decision and License Issuance (2-6 Weeks)
Once all reviews are complete, the OFR makes a final determination. If approved, the business receives its Florida money transmitter license and can begin operations. If denied, applicants may need to reapply or address regulatory concerns before resubmitting.
5. Post-Approval Considerations
After receiving the license, businesses must complete additional steps before launching operations. This may include establishing banking relationships with institutions that accept money service businesses, and filing any required state-level tax or corporate compliance documents.
Total Estimated Timeline: 3 to 6 Months
Simple applications typically get approved within three months, but complex ones can stretch to six months or beyond. You can speed things up by submitting a complete application without errors, making certain your AML policies align with regulatory standards, and getting back to regulators quickly when they ask for more information. Florida doesn't offer an expedited review option like some other states, so thorough preparation upfront really matters if you want to avoid delays.
Ongoing Compliance Obligations for Florida Money Transmitter License Holders
Getting your Florida money transmitter license is only the first step. To keep operating legally and maintain your license, you'll need to handle various ongoing compliance requirements. Let's look at what you'll need to stay on top of.
1. License Renewals and Annual Reporting
Florida money transmitter licenses must be renewed every two years through the OFR Online Services Portal to maintain ongoing compliance with state regulations and financial requirements.
Regulators also require updated financial statements annually to assess financial stability. Additionally, businesses must provide compliance certifications confirming adherence to Florida and federal money transmission laws.
Failing to renew the license on time can result in penalties, suspension, or even revocation, preventing the business from legally operating in Florida. To avoid disruptions, companies should closely monitor renewal deadlines and confirm that they have submitted all required documentation on time. Application fees are $375, while renewal fees are $750 for two-year periods.
2. Transaction Reporting and Record-Keeping
Florida requires licensed money transmitters to maintain detailed transaction records and submit reports to regulators when necessary. Firms must keep these records for at least five years and include essential details such as customer information, transaction amounts, and recipient details.
In addition to state requirements, businesses must comply with federal reporting obligations. This includes filing Suspicious Activity Reports (SARs) for transactions that appear fraudulent or linked to financial crimes. These reports are submitted to FinCEN for further investigation.
Businesses must also submit Currency Transaction Reports (CTRs) for any transactions exceeding $10,000 in a single day, even if a customer attempts to bypass reporting thresholds by breaking payments into smaller amounts.
3. Anti-Money Laundering (AML) Compliance
Florida money transmitters must establish comprehensive AML policies to prevent financial crimes such as fraud and money laundering.
A key aspect of AML compliance is Know Your Customer (KYC) procedures, which require businesses to verify customer identities, assess risk levels, and monitor transactions for suspicious activity.
Companies must also implement employee training programs to help staff recognize and report unusual financial behavior, reinforcing the organization’s compliance efforts. To further strengthen their AML programs, many businesses conduct independent audits annually to evaluate effectiveness and identify areas for improvement.
4. Surety Bond Maintenance
Florida requires licensed money transmitters to maintain a surety bond as a financial safeguard to maintain compliance with state regulations.
This bond acts as a form of protection for consumers and regulators, guaranteeing that the business can meet its financial obligations, including refunds or claims arising from misconduct or insolvency.
Florida sets a minimum bond requirement of $50,000, but for businesses with higher transaction volumes, the bond can go up to $2 million. However, regulators may periodically review financial statements and transaction reports to assess whether the company’s bond amount remains adequate.
If a business expands or increases its transaction volume significantly, it may be required to increase its bond coverage.
See also:
5. Regulatory Examinations and Audits
The Florida OFR conducts mandatory examinations of money transmitter businesses at least every five years under F.S. § 560.109, with authority for more frequent reviews based on risk assessment. These audits assess key areas such as adherence to Florida’s money transmission laws, proper record-keeping and transaction monitoring, financial stability, and the effectiveness of AML programs.
Examinations can occur at any time, and businesses must be prepared to provide transaction records, compliance documentation, and financial reports upon request. Failing an audit examination can lead to warnings, financial penalties, increased regulatory scrutiny, or even license suspension or revocation.
6. Federal Compliance Requirements
Money transmitters must simultaneously navigate federal Money Services Business regulations alongside Florida requirements. Federal registration with FinCEN using Form 107 must occur within 180 days of commencing operations, with biennial renewals required regardless of state licensing.
Federal obligations include Currency Transaction Reports for cash exceeding $10,000 daily, Suspicious Activity Reports for transactions of $2,000 or more showing money laundering indicia, and OFAC compliance requiring real-time screening against sanctions lists. These create dual state-federal compliance frameworks that businesses must integrate effectively.
FAQs About the Florida Money Transmitter License
What are the penalties for operating without a Florida Money Transmitter License?
Operating without a Florida money transmitter license violates Chapter 560, Florida Statutes, and can result in civil fines of up to $10,000 per violation, cease-and-desist orders, and even felony charges. The Florida OFR may also seize assets or deny future license applications.
Can I operate under someone else’s Florida Money Transmitter License?
Yes. In Florida, a business may operate under another company’s Money Transmitter or Payment Instrument Issuer license if it is formally appointed as that licensee’s authorized vendor. In this arrangement, the vendor conducts money transmission services on behalf of the licensed entity. To be valid, a written contract must document the relationship, and the licensee must file a Location Notification Form (OFR-560-02) with the Office of Financial Regulation within 60 days of appointing the vendor, accompanied by the required $38 fee per vendor location.
Authorized vendors are exempt from holding their own Part II license, but they must:
Clearly disclose to the public that they act on behalf of the licensed money transmitter.
Hold customer funds in trust for the licensee, without commingling.
Remit funds to the licensee per the contract terms.
Consent to examination and comply with all applicable state and federal laws.
Only a licensed Part II entity (Money Transmitter or Payment Instrument Issuer) may appoint authorized vendors. Acting for an unlicensed transmitter, or without being properly appointed and filed, constitutes unlicensed money transmission, which is prohibited.
Do I need a Florida Money Transmitter License if my business is based in another state?
Yes, out-of-state businesses must obtain a Florida money transmitter license if they provide money transmission services to Florida residents. Even if a company is headquartered elsewhere, licensing is required if it facilitates transactions involving Florida-based customers.
Does my business need a Florida Money Transmitter License if we only process payments?
It depends on how your business handles funds. If a company takes possession or control of money for the purpose of transmission, it likely requires a license. However, businesses that only provide payment processing technology without actually holding or moving customer funds may not need a money transmitter license. Payment facilitators and certain software providers might fall outside of licensing requirements, but each business should carefully assess its operational model to determine compliance. Consulting with a regulatory expert like InnReg can help clarify your licensing planning and registration requirements.
Is a Florida Money Transmitter License the same as a federal money services business (MSB) registration?
No, a Florida money transmitter license is a state-level requirement, while a money services business (MSB) registration is a federal requirement regulated by FinCEN. MSB registration with FinCEN does not replace the need for a Florida money transmitter license, and businesses must confirm they meet both sets of regulatory requirements to operate legally.
How Can InnReg Help?
InnReg is a global regulatory compliance and operations consulting team serving financial services companies since 2013.
We are especially effective at launching and scaling fintechs with innovative compliance strategies and delivering cost-effective managed services, assisted by proprietary regtech solutions.
If you need help with money transmitter compliance, reach out to our regulatory experts today:
Published on Sep 26, 2025
Last updated on Sep 26, 2025
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