Money Services Industry Update

License Types	As of July 2020	As of July 2019
Money Transmitter - Main	211	198
Money Transmitter - Authorized Delegates	10,141	10,520
Currency Exchanger - Main	8	8
Currency Exchanger - Authorized Delegates	4	4

MSB Call Report Deadline – AUGUST 14, 2020

Don’t forget! The filing deadline for the Q2 MSB Call Report is August 14. File the report through NMLS within 45 days of each quarter end. This report is in addition to the Department’s annual report due July 1 each year.

MSB Call Report

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, 87% of licensees completed their filing.

For licensees who have not yet filed, please be sure to do so as soon as possible. Please note there is a penalty for not timely filing your annual report and assessment. See WAC 208-690-100 for specific details.

Temporary Partial Waiver/Reduction of Assessment Fees

In case you missed it, the Division of Consumer Services recently issued communication regarding the temporary waiver of a portion of the MSB annual assessment. Specifically for activities conducted for the calendar year 2020, the Division will temporarily waive 20 percent of your annual assessment. Annual assessments for the calendar year 2020 are due by July 1, 2021.

This annual assessment partial fee waiver/reduction is temporary, but the Division will continue to evaluate the possibility of additional fee waivers going forward.

Multistate MSB Licensing Agreement (MMLA) Update

The multistate MSB Licensing Agreement continues to help streamline licensing for MSB companies wishing to license in multiple states. So far, 33 companies obtained 202 state licenses. Since the start of the year, 12 companies were assigned for Phase 1 reviews. Currently, 27 states are participating in the MMLA. Interested applicants should visit the Multistate MSB Licensing Agreement page.

Information from the Licensing Unit

With the first half of 2020 completed, here is some licensing data for January-June:

20 MSB applications submitted
10 MSB applications approved
6 of the approvals were for virtual currency companies

FYI Financial News