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Winter 2020 Newsletter
Money Services Industry Update
| License Types | As of February 2020 | As of February 2019 |
| Money Transmitter - Main | 205 | 178 |
| Money Transmitter - Authorized Delegates | 10,703 | 10,927 |
| Currency Exchanger - Main | 8 | 8 |
| Currency Exchanger - Authorized Delegates | 5 | 5 |
Q4 MSB Call Report Filing Deadline Extension
The Department will accept Q4 MSB Call Report (MSBCR) filings until March 31. Recently, the system set deadline for filing the Q4 report was extended from February 14 until March 31, subject to state statutes and rules.
For all licensees who indicate they transmitted money from the United States to a foreign country or countries, the Q4 filing requires completion of Section IV: Transaction Destination Country Reporting.
When completing the MSBCR, ensure that company-wide destination country details in Section IV of the filing aligns with the volume reported for the year in TA30 and TA40 (total transactions from U.S. States and territories sent to foreign countries). Review your numbers prior to filing and/or make any amendments as necessary to ensure complete and accurate information.
Multi-State MSB Licensing Agreement Update
The Multi-State MSB Licensing Agreement (MMLA) program continues to receive applications from a handful of applicants each month. As of early February, 30 companies have participated in the program, receiving 168 licenses and 32 applications are pending.
The MMLA is an agreement between participating states to streamline the licensing process for money services business companies wishing to operate in multiple states. The process is two phases with one state conducting a Phase 1 review and certification. The certification is accepted by participating states, leaving a Phase 2 review to be conducted by those states.
Contact the Department, which is the lead state, with any questions about the program. Devon.Phelps@dfi.wa.gov.
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.