What is a North Dakota Money Transmitter Bond?
In several countries, transferred funds obtained from a foreign country are vital to the recipient’s well-being. However, money transmission is a high-risk business whichever direction you look at it, and while money transmitters all over the world are obliged to act by an exhaustive structure of anti-money laundering laws and directives, criminal elements can still use the money transmission system for their illegal activities.
Owing to this reality, individuals who or entities that offer money transmission services must be strictly regulated and compelled to take on efficient systems for to guarantee compliance with relevant laws and policies. About this, financial institutions must likewise be required to get a hold of precise and truthful information regarding a particular funds transfer transaction and have this type of information be shared throughout the transfer chain. To augment this regulatory system, the Money Transmitter Bond exists.
The North Dakota Money Transmitter Bond is a dependable and a fail-safe guarantee to protect all consumers and the state. It is a commitment that in the operations of money transmission, a licensed money transmitter will rigorously meet all the terms contained in the money conveyance trade registration requisites and observe the provisions laid down within the North Dakota Money Transmitters Law. If and when appropriate transmission of money has not been complied with, the party whose money was mismanaged or misused will be compensated through the North Dakota Money Transmitter Bond.
Why do you need a North Dakota Money Transmitter Bond?
The North Dakota Money Transmitter Bond is tremendously indispensable if you want to be recognized as a money transmitter of reliability and uprightness. As you are a business engaged in the trade of funds transfer, it is vital that your clients know you are operating your business by the state’s money transmission laws and all other regulations applicable to the industry of money transfer. This will give your clients peace of mind that could be translated into lasting trust and confidence for your business.
How much does a North Dakota Money Transmitter Bond cost?
The North Dakota Money Transmitter Bond is for $50,000, with an additional $10,000 for each location, not amounting to more than $500,000.
The bond shall remain enforceable and effective for the whole duration of the money transmission license unless canceled by surety agency. The surety may conditionally cancel this bond at any time by providing that a 30-day written notice of the bond’s termination is sent to the North Dakota Banking Commissioner.
The North Dakota Money Transmitter Bond premium amounts vary and are significantly reliant on your financial strength as demonstrated by your credit score. Due to the risks involved in this transaction, the actual rate of the bond premium is higher than most surety bonds.
How do I get a North Dakota Money Transmitter Bond?
Getting the North Dakota Money Transmitter Bond is effortless. Choose a reliable surety company that you know can serve your specific needs, can address your concerns without delay, and can respond to whatever challenges you will encounter in the process. Give them a call NOW!