NMLS Money Services Businesses Call Report Adoption

Thursday, September 15, 2016

The purpose of this notice is to inform you that the Washington Department of Financial Institutions will adopt the NMLS Money Services Businesses (MSB) Call Report functionality for submission of routine financial and transactional reporting requirements. The NMLS MSB Call Report is set to go live in NMLS in the first quarter of 2017, with the initial report due 45 days after the first quarter end (May 15, 2017). The Washington Department of Financial Institutions will adopt the MSB Call Report for all money transmitters starting the first quarter of 2017.

For 2017 reporting and beyond, you will need to follow the instructions and directions provided to you by NMLS for completing this requirement. Washington Department of Financial Institutions guidelines are as follows:

  • All relevant licensees will be required to submit the MSB Call Report quarterly.

The Washington Department of Financial Institutions recognizes that adopting this process, though more efficient in the long run, does present some initial operational and technical challenges to you as a licensee. With those challenges in mind, over the next several months, the State Regulatory Registry (SRR) will provide free trainings, webinars, and additional resources to assist licensees in submitting the report. All updates and resources will be posted on the MSB Call Report page on the NMLS Resource Center.

Background

The Money Services Businesses (MSB) Call Report was developed with the goal of enhancing and standardizing the information available to state regulators concerning the activities of their Money Services Businesses licensees (money transmitters, check cashers, prepaid, etc.). Licensees will be able to complete the report directly in NMLS. The report includes national and state specific MSB activity information that is submitted on a quarterly and annual basis.

Helpful Links

More information about the NMLS MSB Call Report functionality can be found on the NMLS Resource Center.

If you have additional questions, please contact our Division of Consumer Services at 360-902-8703 or dcs@dfi.wa.gov.