Guam Department of Revenue and Taxation

Overview

Official Regulator of Money Services in the Territory of Guam

The Guam Department of Revenue and Taxation serves as the primary financial regulator and licensing authority for money transmission, foreign exchange services, and related financial services operating within the territory of Guam. Operating under the direction of the Commissioner of Banking and Insurance, the Department oversees compliance with Guam's money transmission licensing regime and enforces regulatory requirements for financial service providers including money transmitters, foreign exchange dealers, and related entities.

As a U.S. territory, Guam's regulatory framework aligns with federal money services standards while maintaining jurisdictional authority over licensed entities conducting business within the territory. The Department operates under binding legal authority established by the Guam Code and Executive Orders of the Governor.

Basic Identity

Classification

Inclusion Justification

What This Entity Oversees

Examination Authority

The Commissioner of Banking and Insurance maintains broad authority to:

• Conduct on-site and off-site examinations of licensed money transmitters
• Inspect books, records, and accounts of licensed entities
• Subpoena records, documents, and testimony
• Examine customer files and transaction records
• Review compliance with regulatory requirements
• Assess operational and financial condition

Record-Keeping Requirements

Each licensee and its agents shall maintain:

• Books, records, and accounts in form prescribed by Commissioner
• Requires verification from official sources Transaction records including customer name, amount, and destination
• Requires verification from official sources Beneficiary and remittant information for all money transmissions
• Requires verification from official sources Daily reconciliation of all customer funds
• Requires verification from official sources Monthly or quarterly financial statements
• Requires verification from official sources Anti-money laundering compliance documentation
• Requires verification from official sources Customer due diligence records
• Requires verification from official sources Complaint and resolution logs

Record Retention:

• Requires verification from official sources Minimum five-year retention period for transaction records
• Requires verification from official sources Records must be available for Commissioner inspection

Examination Frequency

Requires verification from official sources

• Initial examination typically conducted within 6-12 months of license issuance
• Regular examinations conducted at least annually for higher-risk entities
• More frequent examinations based on risk assessment, complaint volume, or violation history

Required Disclosures

Requires verification from official sources Money transmitters must provide customers with:

• Clear disclosure of fees and exchange rates prior to transaction
• Written confirmation of transaction including:
• Amount sent and fees charged
• Exchange rate applied (if applicable)
• Recipient name and transfer location
• Transaction reference number
• Expected delivery timeline
• Company name, license status, and contact information

Complaint Handling and Resolution

Customer Complaint Procedures:

Requires verification from official sources Licensees must:

• Establish written complaint procedures accessible to customers
• Respond to complaints in writing within 30 days
• Maintain complaint log and resolution records
• Report complaint data to Commissioner upon request
• Make escalation procedures available for unresolved complaints

Regulatory Complaint Mechanism:

Customers may file complaints with the Department of Revenue and Taxation regarding:

• Unauthorized fees or charges
• Failure to deliver funds
• Excessive delays in fund delivery
• Disputed exchange rates
• Failure to provide required disclosures
• Deceptive practices

Fund Delivery and Timelines

Requires verification from official sources

• Money transmitters must deliver funds within agreed timeframe
• Expedited delivery options must be offered where feasible
• Delays require customer notification and explanation
• Failure to deliver within 10 business days may trigger regulatory action

Regulatory Powers

Violation and Penalty Authority

The Commissioner of Banking and Insurance holds enforcement authority including power to:

Administrative Actions:

• Issue cease and desist orders for violations of money transmission laws
• Impose civil monetary penalties on violators
• Require corrective action plans
• Place conditions on licenses
• Suspend or revoke licenses for material violations

Legal Remedies:

• Requires verification from official sources Refer violations to Guam Attorney General for criminal prosecution
• Requires verification from official sources Seek injunctive relief against unlicensed money transmitters
• Requires verification from official sources Initiate civil enforcement actions

Prohibited Conduct

Requires verification from official sources Activities subject to enforcement action include:

• Operating without a valid money transmitter license
• False statements in license application
• Failure to maintain required surety bonds or capital
• Commingling customer funds with operating capital
• Unauthorized use of customer funds
• Failure to remit funds within prescribed timeframe
• Violation of anti-money laundering requirements
• Deceptive practices toward customers

Penalties

Requires verification from official sources

• Civil penalties: Up to $10,000 per violation (statutory range)
• License suspension or revocation for material violations
• Restitution to customers for damages
• Costs of Commissioner investigation and enforcement action

Regulatory Role and Function

Legal Foundation

Statutory Framework

Primary Legislation:

• Guam Code Title 11, Division 4, Chapter 109 — Foreign Exchange (Money Transmission) Licensing and Regulation
• Guam Code Title 11, Division 4, Chapter 103 — Office of Commissioner of Banking and Insurance
• 11 G.C.A. § 109101 et seq. — Money Transmission and Foreign Exchange Licensing Provisions

References:

• Guam Code Title 11, Division 4, Chapter 109 (2024) via Justia
• Official Guam Courts Compiler of Laws

Regulatory Authority Structure

The Commissioner of Banking and Insurance, operating as part of the Department of Revenue and Taxation, holds statutory authority to:

• License and regulate money transmitters, foreign exchange dealers, and money services businesses
• Establish licensing standards, fees, and operational requirements
• Conduct examinations and inspections of licensed entities
• Issue, renew, suspend, and revoke licenses
• Enforce compliance with money transmission laws
• Prescribe record-keeping and reporting requirements
• Establish surety bond and capital requirements

Current Commissioner: Michelle B. Santos, Commissioner of Banking and Insurance

Licensing and Authorization Relevance

Licensing Requirement

Any person, entity, or business that engages in the following activities must obtain a money transmitter license from the Commissioner of Banking and Insurance:

1. Selling foreign currency notes or foreign exchange
2. Receiving money for transmission to foreign countries or internationally
3. Receiving money for transmission within the United States via instrument or order
4. Operating as a money services business subject to Guam Code Title 11, Division 4, Chapter 109

Application Process

Application Form and Requirements:

The application for a money transmitter license must be:

• In writing and under oath
• Submitted in form prescribed by the Commissioner
• Include applicant name and address
• Include name and address of all agents
• Include names of all officers and directors (if corporation)
• Specify whether license is for foreign currency sales, money transmission, or both
• Include such other information as the Commissioner may require

Documentation Required:

• Requires verification from official sources Corporate formation documents (if applicable)
• Requires verification from official sources Ownership structure and beneficial ownership disclosure
• Requires verification from official sources Business plan and operational procedures
• Requires verification from official sources Background and compliance history

License Categories

1. Foreign Currency Notes Dealer License — Authorization to sell foreign currency notes
2. Money Transmitter License — Authorization to receive and transmit money domestically and internationally
3. Combined License — Authorization for both foreign currency sales and money transmission services

Renewal and Duration

License Renewal:

• Annual renewal required on or before July 1 of each year
• Renewal fees and requirements established by Commissioner regulation
• Licenses issued for one-year periods unless modified by Commissioner order

Surety Bonds and Capital

Minimum Financial Standards:

• Surety Bond Requirement: Minimum $50,000 in surety bonds
• Net Worth/Capital Requirement: Market value and working capital of at least $50,000 minimum
• Requires verification from official sources Bonding requirements may vary based on transaction volume, customer base, and risk profile
• Requires verification from official sources Higher capital requirements applicable to entities with larger daily transaction volumes

Bond Requirements:

• Surety bonds must be issued by approved bonding companies
• Bonds must be maintained continuously throughout license term
• Bonds must be in form acceptable to Commissioner
• Requires verification from official sources Bonds must name the State of Guam as beneficiary

Application and License Fees

Fee Schedule:

Requires verification from official sources Additional fees may apply for:

• Expedited application processing
• License modification or amendment
• Duplicate license issuance
• Regulatory examination and inspection costs

Cryptocurrency Regulation Status

Current Regulatory Position:

As of April 2026, Guam has not enacted comprehensive statutory regulation of virtual currency or digital assets. The regulatory landscape for cryptocurrency remains underdeveloped at the territorial level, though federal frameworks apply.

Federal Framework Application:

Entities in Guam conducting virtual currency or digital asset activities remain subject to:

• Federal Banking Regulations — OCC and Federal Reserve guidance
• FinCEN Requirements — Anti-money laundering and Know Your Customer (KYC)
• Money Laundering Control Act — Federal reporting and compliance obligations

Stablecoin and Digital Currency Opportunities

Recent Federal Development:

The GENIUS Act ("Guiding and Establishing National Innovation for U.S. Stablecoins Act") represents the first comprehensive federal law governing digital currency and provides explicit opportunities for U.S. territories including Guam:

• Foreign stablecoin issuers may operate in the United States if they establish approved regulatory regimes in their home jurisdictions
• Creates pathway for territories to develop proprietary digital asset regulatory frameworks
• Establishes 100% reserve backing requirements and federal licensing standards
• Requires verification from official sources Guam may consider developing territory-specific stablecoin and digital currency licensing framework

References:

• Guam and Cryptocurrency Regulatory Overview
• US Territories and Digital Currency Opportunities

Regulatory Gap Implications

Requires verification from official sources

• No specific Guam licensing authority for stablecoin issuers
• No territory-level regulation of crypto exchanges or custodians
• Crypto service providers may operate under existing money transmitter licensing if handling customer funds
• Federal FinCEN guidance applies to virtual currency activities by default

Payments and Money Movement Relevance

The Guam Department of Revenue and Taxation has the following relevance to payments and money movement in United States:

Payment Systems Governed or Overseen

The Guam Department of Revenue and Taxation does not directly operate payment systems. Its payment-related role includes:

Money transmitters, payment processors, and fintech companies operating in this jurisdiction require licensing or registration with this entity.

Relationship to Other Regulators

Relationship with Federal Regulators

The Department of Revenue and Taxation coordinates with:

Federal Agencies:

• FinCEN (Financial Crimes Enforcement Network) — Anti-money laundering, suspicious activity reporting
• Department of the Treasury — Financial services policy and regulation
• Federal Reserve System — Banking supervision and policy (applied to Guam institutions)
• OCC (Office of the Comptroller of the Currency) — National bank regulation

Interstate Coordination:

Requires verification from official sources

• Participation in Conference of State Bank Supervisors (CSBS) discussions
• Coordination with neighboring state regulators (Hawaii, other Pacific jurisdictions)
• Information sharing on interstate money transmitters licensed to operate in Guam

CSBS Model Framework

While Guam has not adopted the Uniform Money Services Act (UMSA) or CSBS Money Transmission Modernization Act (MTMA), regulatory standards align with model frameworks including:

• Licensing and examination standards
• Consumer protection provisions
• Cybersecurity and data security requirements
• Record-keeping and reporting standards

Geography and Jurisdiction Notes

Important Departments and Divisions

Key Public Resources

Department Contact Information

Mailing Address:

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Guam Department of Revenue and Taxation

1240 Army Drive

Barrigada, Guam 96921 USA

P.O. Box 23607

Barrigada, Guam 96921 USA

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Phone Numbers:

• Main Line: (671) 635-1778 / (671) 635-1840 / (671) 635-1841
• General Inquiries: (671) 635-7651 / (671) 638-3811
• Fax: Requires verification from official sources

Email:

• Legal/Regulatory: [email protected]
• Real Property Tax: [email protected]
• General Contact: Requires verification from official sources Available via online contact form

Office Hours:

• Monday - Friday: 8:00 AM - 5:00 PM (Guam Standard Time)
• Closed on Government of Guam holidays

Online Resources

• Official Website: GuamTax.com
• Regulatory Division: GuamTax.com/about/regulatory.html
• Banking and Insurance Board: GuamTax.com/bib/
• Contact/Submit Inquiry: Contact Form

Commissioner Leadership

Commissioner of Banking and Insurance:

• Name: Michelle B. Santos
• Title: Commissioner of Banking and Insurance
• Regulatory Authority: Authority over money transmission, foreign exchange, and banking regulation
• Contact: Requires verification from official sources Available through main Department phone line or website

Requires verification from official sources — Direct commissioner contact information not publicly listed; inquiries directed through general Department channels

Licensing and Application

For Money Transmitter License Applications:

1. Contact Regulatory Division at (671) 635-1778
2. Request application form and requirements package
3. Submit completed application with supporting documentation
4. Include $500 non-refundable application fee
5. Await Commissioner review and approval (typically 30-60 days)

Notes on Naming and Language