Money Services Industry Update

License Types	As of January 2018	As of January 2017
Money Transmitter - Main	161	151
Money Transmitter - Authorized Delegates	10,598	10,856
Currency Exchanger - Main	6	9
Currency Exchanger - Authorized Delegates	4	4

Electronic Surety Bond Conversion - July 1 Deadline

Money Transmitter licensees, have you taken the steps necessary to convert your paper surety bond to the Electronic Surety Bond (ESB) in NMLS? So far, 60 licensees completed the process in 2017. The remaining licensees have until July 1 to complete the conversion.

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. Licensees with questions about this conversion process can email DCS@dfi.wa.gov.

For more information about converting the paper surety bond to ESB, visit ESB for Licensees

Reminder – 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

Upcoming Deadlines

February 14 - Q4 Money Services Business (MSB) Call Report filing deadline