Skip Nav
Header Logo

Alaska Money Transmitter Bond

Money Transmission License Surety Bond

Bond Amount Range Estimated Premium (1.5%- 3%) Source
$25,000-$500,000 $250-$5,000 State Commissioner

 

Required Bond Amount

Alaska's Uniform Money Services Act requires security with a money-transmission license application. The standard amount is $25,000 plus $5,000 for each location, with the additional location amount capped at $125,000. The Department may increase required security up to $500,000 based on the licensee's financial condition.

For virtual-currency applicants, the Alaska Division of Banking and Securities' current application checklist requires a $500,000 Electronic Surety Bond.

Cost of the Alaska Money Transmitter Bond

The premium is 1.5%-3% of the bond amount and the bond amount is determined on transmission volume. For assistance, call 855-457-2196.

How the Alaska Money Transmitter Bond Works

The security protects the State of Alaska and claimants by supporting the money transmission licensee's faithful performance of its legal obligations. A surety bond must be in a form acceptable to the Department and issued by a surety authorized to do business in Alaska.

Principal: Alaska money transmission license applicant/licensee

Obligee: State of Alaska / Division of Banking and Securities

Surety: Authorized surety company

The aggregate liability of the surety does not exceed the principal sum of the bond. Alaska requires bond coverage for claims during the period of money-transmission activity and for at least five years after the licensee ceases providing money services in the state.

How to Get the Alaska Money Transmitter Bond

  1. Determine whether the application involves standard money transmission or virtual-currency activity.
  2. Calculate the required standard security based on the number of locations, or use the $500,000 requirement applicable to virtual-currency applicants.
  3. Obtain a quote from a surety authorized to issue the required Alaska bond.
  4. Complete the Electronic Surety Bond and licensing requirements through NMLS.
  5. Maintain the required security continuously and comply with Alaska's post-cessation claim-coverage requirements.

Review the Alaska Money Transmitter New Application Checklist and Alaska Division of Banking and Securities Money Service Business page before filing.

Get Your Alaska Money Transmitter Bond

Review Alaska's licensing requirements and application resources.

For assistance, call 855-215-2160.