Money Transmitters Examinations
Examination information, frequently asked questions, and resources for Washington Money Transmitters.
In This Section:
Frequently Asked Questions (FAQs)
Answers to common questions about examinations conducted by DFI.
Money Transmitters Entry Letter
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Money Transmitters Entry Letter - Prior To Examination (Word)**
The entry letter above is sent to the licensee prior to a routine examination.
Common Examination Findings
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Maintenance of Permissible Investments
Licensees must maintain a market value of permissible investments that is not less than all outstanding money transmission liability, as required by RCW 19.230.200. -
Inaccurate/Incomplete CTR, CMIR, or FBAR filings
Licensees should ensure that all federal reports are completed accurately and completely in order to comply with 31 CFR 103.27(d) as well as RCW 19.230.180. -
Refund Policy
RCW 19.230.330(3), states in part, that “Every money transmitter licensee and its authorized delegates shall refund to the customer all moneys received for transmittal within ten days of receipt of a written request for a refund.” Licensees should ensure language on Washington receipts does not contradict the refund guidelines set by the Act. See: RCW 19.230.330(3). -
Accepting Post Office Boxes and Authorized Delegate Addresses
By accepting PO boxes or AD addresses as consumer addresses, Licensees are at risk of supplying inaccurate information in response to law enforcement requests or filing required reports erroneously. Although the act of accepting these addresses is not a violation, it is in general an industry best practice to not accept PO boxes or AD addresses as consumer addresses. . -
Maintenance of financial records
Licensees are required to keep, at a minimum, the following financial records: general ledger (posted at least monthly), bank reconciliations, and annual audited financial statements. -
Insufficient monitoring for suspicious activity
Licensees must review transactions for potential suspicious or illegal activity and report it to FinCEN on a SAR-MSB (FinCEN Form 109).
Washington State Laws, Rules, Reports, and Forms
Links to Washington State laws, rules, and regulations.
- RCW 19.230 – Uniform Money Services Act
- WAC 208-690 – Regulation of Money Services Providers
- RCW 63.29 – Uniform Unclaimed Property Act
- Reports & Forms
Federal Laws, Rules, & Regulations
Links to federal laws, rules, and regulations.
- Money Service Business (MSB) Registration Requirements
- 31 CFR Chapter X - Financial Recordkeeping and Reporting of Currency and Foreign Transactions
- Office of Foreign Assets Control (OFAC) Sanctions
- Gramm-Leach-Bliley Act (GLB Act) – Privacy Regulations
- Anti-Money Laundering (AML) Program Requirements
- Bank Secrecy Act (BSA)
- HIFCA (High Intensity Financial Crimes Area)
- HIDTA (High Intensity Drug Trafficking Area)
- FinCEN’s Bank Secrecy Act / Anti-Money Laundering Examination Manual for Money Services Businesses
Contact Us
Monday - Friday (8am - 5 pm PST)
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Examination And Compliance
Adam Johnson Financial Examiner Supervisor 360-725-9660 adam.johnson@dfi.wa.gov |
Licensing
Ariana Wood (360) 664-7887 ariana.wood@dfi.wa.gov |
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Consumer Services
(360) 902-8703 1-877 RING DFI (746-4334) Fax: (360) 664-2258 dcs@dfi.wa.gov |
Mailing Address
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For U.S. Postal Service:
Department of Financial Institutions Division of Consumer Services PO Box 41200 Olympia WA 98504-1200 |
For Overnight Delivery:
Department of Financial Institutions Division of Consumer Services 150 Israel Rd SW Tumwater WA 98501 |
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