Money Services Industry Update

License Types As of April 2019 As of April 2018
Money Transmitter - Main 186 162
Money Transmitter - Authorized Delegates 10,488 10,600
Currency Exchanger - Main 8 6
Currency Exchanger - Authorized Delegates 4 4

Multistate MSB Licensing Agreement (MMLA) Update

We are approaching the end of the second pilot under this program, which began on November 15, 2018. To date, 22 states have become signatories to the agreement. There are 15 companies participating in the second pilot; at this point 56 licenses, out of a potential 129, have been issued by the participant states.

Tips When Making Amendments

Keeping your company record up to date in NMLS is a requirement for all licensees. Each day, our Licensing staff processes dozens of updates to records. Some are smaller updates, like a phone number change, but many are bigger like ownership or officer changes. Here are two tips related to specific amendments:

  • New Officer: When adding a new individual to the Direct Owner/Executive Officer section on the company form, a new criminal background check (CBC) is typically required. When requesting the new CBC on the individual’s form, verify under “Manage Agency Access” that Washington is checked. Failure to select Washington and authorize us to view the CBC result will result in having to request and pay for another CBC.

  • Quick Guide for Completing the CBC Process for MU2s
  • Bond Changes: Certain events require a change to the company’s surety bond, specifically a corporate name change or bond amount change. They surety company makes the change through an electronic rider which is delivered to the company within NMLS. Before you deliver the rider to us, verify its accuracy especially for the effective date. You have the option to return the rider to the surety for corrections. Once the rider is delivered to us, we have limited options to correct the error with the surety company

    Bond Execution Process Exceptions (see Return to Surety Entity link)

MSB Call Report Deadline

With the end of the first quarter, now is the time to begin preparing the data necessary to file the Money Services Business Call Report. The filing deadline for Q1 is May 15. The MSB Call Report, filed through NMLS, is due within 45 days of each quarter end. This report is in addition to the Department’s annual report which is due July 1 each year.

MSB Call Report

Money Transmitters and Currency Exchangers Annual Assessments

Keep an eye out for information about this year’s Money Transmitter and Currency Exchanger Annual Assessments. The Department will provide information via email to the primary company contact in NMLS. Annual Assessments are due by July 1 of each year.

Authorized Delegate Reporting

If you have authorized delegates, be sure you stay current on your reporting. Any change to authorized delegates must be reported within 30 days of the change.

Uploading Authorized Delegate (Agent) Quick Guide