Money Services Industry Update

License Types As of October 2018 As of October 2017
Money Transmitter - Main 166 157
Money Transmitter - Authorized Delegates 10,455 10,694
Currency Exchanger - Main 7 7
Currency Exchanger - Authorized Delegates 4 4

NMLS Annual Attestation

The arrival of fall means it is time to get ready to complete the annual attestation for your Washington license. Account administrators for licensees began receiving emails about what NMLS calls the “annual renewal period.” Because the Money Transmitter and Currency Exchanger licenses are perpetual, the license does not renew but licensees must attest to the accuracy of their NMLS record and pay the annual NMLS system fee. Here are some specific details:

  • The annual attestation must be completed between November 1 and December 31 each year.
  • NMLS System Fees are $100 for the main office.
  • The following steps should be done now to prepare for the annual attestation:
    • Log into NMLS to review and clear all license items
    • Review the company record for accuracy as the attestation is a legal certification that the record is accurate.

Important Notes:

  • The NMLS annual attestation does not replace your annual assessment which is due by July 1.
  • If you are not going to maintain your license, you must request surrender through NMLS and provide the Department with the required closure documents.

Money Transmitter Closure or Currency Exchanger Closure

Second Pilot for Multi-State Licensing to Begin October 11

A second pilot under the multi-state licensing program is underway.  The first pilot is close to concluding with three pilot companies receiving 17 licenses from the 18 participating states over a period of approximately four months.  We expect the license number to climb as a few states are finishing their Phase Two reviews.  The participating states are:  Georgia, Idaho, Illinois, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Massachusetts, North Dakota, Ohio, Rhode Island, Tennessee, Texas, Utah, Vermont, Washington, and Wyoming.  See our Spring and Summer newsletters if you want to learn more about this exciting licensing option.  Or contact Cindy Fazio, 360-902-8800, or Devon Phelps, 360-664-7894, at DFI.