Money Transmitters and Currency Exchangers Annual Assessments

Assessment Due Date – July 1, 2017

All Washington State Money Transmitters and Currency Exchangers Annual Assessments are due by close of business on July 1, 2017. In order to avoid late fees and penalties, all assessment reports and payments must be filed by close of business (5pm Pacific Standard Time) on July 1, 2017. This means you must have submitted your annual assessment online, uploaded any necessary documents into NMLS, attested to the accuracy of the report, and made your electronic payment through the system by that deadline. We suggest you begin the process a few days early to ensure a timely filing.

About the Online System

In an effort to streamline the filing process, DFI utilizes an online assessment filing system. This system allows you to file the Annual Assessment Report (AAR) as well as make an electronic payment via Credit Card (Visa, MasterCard, American Express and Discover card) for assessment fees up to $10,000.00; or via E-Check Payments.

Online System and a Step by Step Instructional Guide

FAQs

What if I did not become licensed until after the 2016 calendar year?

If you became licensed in 2017, you do not need to file this year’s assessment. You will begin filing next year.

What if I was licensed, but I did not do any business in Washington during the 2016 calendar year?

Even if you did no business in Washington during 2016, if you are currently licensed you must file the report with DFI by July 1, 2017.

What happens if my company files after the July 1, 2017, deadline?

If you file after the deadline, DFI may suspend your license and assess a late fee equal to ten percent of the annual assessment if paid thirty or fewer days late and twenty-five percent of the annual assessment if paid more than thirty days late.

Can I provide my annual assessment and payment outside of the online system?

No. DFI only accepts annual assessment filings through the online system. If you submit your annual assessment and payment outside of the online system, DFI will reject your submission and you will have to re-submit your filing and payment electronically. You must complete your online filing by the July 1, 2017 deadline to avoid license suspension and late fees.

What if I am not the proper person to complete this request?

Immediately contact the person in your company responsible for reporting. Licensees are responsible for keeping DFI informed of changes to the primary regulatory contact person for your company. If the contact information has changed, please update the NMLS system accordingly.

What constitutes a complete filing?

A complete filing includes the following items

Documents that must be uploaded into NMLS by July 1, 2017:

  • Year-end financial statements prepared in accordance with Generally Accepted Accounting Principles (GAAP). Financial statements for money transmitter licensees must be audited
  • Amendments to report any material changes not previously reported, if applicable
  • Current list of locations serving Washington, if applicable

Through DFI’s Online System:

  • You will need the last 5 digits of your Washington specific license number to begin
  • Volume for each type of activity for the year including a monthly breakdown
  • Company’s permissible investments at year end
  • Company’s average daily outstanding transmission liability for December 2016
  • Company’s tangible net worth at year end
  • Company’s total transaction volume for the year (not just for Washington)
  • You will be required to confirm that your financial statements, material changes (if applicable), list of locations (if applicable), were uploaded into NMLS
  • Attest to the accuracy of your report
  • Pay your annual assessment fee for the entire amount due through the online system

Have A Question?

Email csexamsunit@dfi.wa.gov