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Money Services Industry Update

License Types As of October 2017 As of October 2016
Money Transmitter - Main 157 148
Money Transmitter - Authorized Delegates 10,694 10,802
Currency Exchanger - Main 7 7
Currency Exchanger - Authorized Delegates 4 4

NMLS Annual Attestation

It’s that time of year again. Licensees have begun receiving NMLS emails about the NMLS renewal period or what DFI refers to as the NMLS Annual Attestation.

What is the NMLS Annual Attestation and why do licensees need to do this?

The NMLS annual attestation is where licensees log into NMLS to attest to the accuracy of their record and to pay the annual NMLS system fee. Completing the annual attestation is a requirement to maintain licensure with the Department and abide by the Industry Terms of Use on NMLS.

What are the NMLS System Fees and when are they due?

The NMLS system fees are $100 for a main office license. The annual attestation, including payment, must be completed between November 1 and December 31.

Is there anything I can do now to prepare for NMLS annual attestation?

Yes.

  1. Log into NMLS to review and clear all outstanding license items
  2. Review company record for accuracy as the attestation is a legal certification that your record is accurate

NMLS Annual Attestation Resources

Important Notes:

  • The NMLS annual attestation doesn’t replace your annual assessment which is due by July 1.
  • If you don’t want to keep your license, log into NMLS and proactively request surrender, providing the Department with the required closure documents.

Electronic Surety Bond Conversion

The process of converting paper surety bonds for Money Transmitters to the new Electronic Surety Bond (ESB) is now in full swing. So far, almost 24% of Money Transmitter licensees completed the process. The deadline to convert is July 1, 2018.

Converting a paper surety bond to ESB involves granting authority to the surety company in NMLS, coordinating with the surety so the electronic bond can be created and then routing that electronic bond from the surety to the licensee and then to the Department. For more information about converting the paper surety bond to ESB, visit ESB for Licensees.


Reminder – Changes to Authorized Delegate Reporting

Don’t forget! Any authorized delegate change must be reported within 30 days of the change. All reporting is done through NMLS.

Authorized Agent Quick Guide

Direct any questions to DCS@dfi.wa.gov