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Summer 2019 Newsletter
Money Services Industry Update
|License Types||As of July 2019||As of July 2018|
|Money Transmitter - Main||198||162|
|Money Transmitter - Authorized Delegates||10,520||10,348|
|Currency Exchanger - Main||8||7|
|Currency Exchanger - Authorized Delegates||4||4|
Multistate MSB Licensing Agreement (MMLA) Update
The second pilot under this program is winding down. As of June 20, 2019, twenty-three states are signatories to the agreement and 12 companies have received 72 licenses. The Conference of State Bank Supervisors (CSBS) formally adopted the program as part of the Vision 2020 modernization initiative. However, Washington State will continue to administer the program until sometime after the first of next year.
MSB Call Report Deadline
Just a reminder that the filing deadline for Q2 is August 14. The MSB Call Report is filed through NMLS and 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.
Annual Assessment Recap
With another annual assessment period closed, a big thank you to licensees who completed the filing on or before the filing deadline. As of the deadline, 82% of licensees completed their filing.
For licensees who haven’t yet filed, there is a penalty for not filing your annual report and assessment. See WAC 208-690-100 for specific details.
Microsoft Windows 7
Microsoft announced that it plans to end support for Windows 7 effective January 14, 2020. This means Microsoft will no longer provide technical assistance and software updates for Windows 7 after that date. Continuing to run Windows 7 after January 2020 may put a device at enhanced risk of cybercrime including hacking and data breaches.
Microsoft strongly recommends that Windows 7 users move to Windows 10 before January 2020. Support for the internet browser Explorer on a Windows 7 device also ends January 14, 2020.
More information on support ending for Windows 7 is available from Microsoft.