Money Services Industry Update

License Types As of January 2017 As of January 2016
Money Transmitter - Main 151 142
Money Transmitter - Authorized Delegates 10,856 11,057
Currency Exchanger - Main 9 7
Currency Exchanger - Authorized Delegates 4 4

Coming Soon – MSB Call Report

As announced in 2016, Washington is one of 18 state agencies who adopted the NMLS Money Services Business (MSB) Call Report. The Call Report is set to go live in NMLS this quarter. You must file the initial report 45 days after the quarter end, May 15, 2017.

The Department recognizes that adopting this process, though more efficient in the long run, does present some initial operational and technical challenges. With those challenges in mind, the State Regulatory Registry (SRR) has tentatively scheduled free webinar trainings to assist you. The dates are tentative and may be subject to change.

  • Feb 13-16: MSB Call Report Sessions at NMLS Conference
  • Mar 28: Industry Pre-Go Live Training
  • Apr 11: Industry Training
  • Apr 18: Industry Q&A Session

For more information on the MSB Call Report, trainings and a list of adopting state agencies, visit the NMLS MSB Call Report Adoption page.

Criminal Background Checks (CBCs) Through NMLS

If you add a new control person(s) criminal background checks must be completed through NMLS, not with paper fingerprint cards mailed to the Department. CBC functionality for control people rolled out in September to streamline the background check process.

When completing the CBC process for a control person, be sure to not only request the CBC but also add agency access in the same filing. If the CBC processes before the Department is granted agency access, we cannot view the CBC results. Once agency access is granted, a new CBC must be requested including a new CBC fee. Refer to the MU2 CBC Quick Guide for the step by step process.

Authorized Delegate Reporting

If you have authorized delegates, be sure you stay current on your reporting. Over the summer, a rule change became effective which requires any change to authorized delegates to be reported within 30 days of the change.

Uploading Authorized Delegate (Agent) Quick Guide