Generally, a money transmitter is a person or business entity that transmits money by means of a transmittal instrument. As used in Georgia law, “money transmission” means engaging in the business of receiving money for transmission or transmitting money within the United States or to locations abroad by any and all means including, but not limited to, an order, wire, facsimile, or electronic transfer. If a person is receiving money for transmission on behalf of another person or persons, they will need to be licensed. If a person were sending money on their own behalf, they would not need to be licensed.
Georgia Money Transmitters are required to execute a Georgia Money Transmitter Bond to ensure compliance with the Official Code of Georgia Section 47-1-680 though 692. To learn more, please visit the Georgia Department of Banking and Finance website.
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