Money Services Industry Update
|License Types||As of July 2021||As of July 2020|
|Money Transmitter - Main||225||211|
|Money Transmitter - Authorized Delegates||9,548||10,141|
|Currency Exchanger - Main||8||8|
|Currency Exchanger - Authorized Delegates||4||4|
MSB Call Report Deadline – August 14
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.
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 filing deadline, 88% of licensees completed the assessment process.
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 2021, the Division will temporarily waive 40 percent of your annual assessment. Annual assessments for the calendar year 2021 are due by July 1, 2022.
This annual assessment partial fee waiver/reduction is temporary, but the Division will continue to evaluate the possibility of additional fee waivers going forward.
Information from the Licensing Unit
With the first half of 2021 completed, here is some licensing data for January-June:
- 25 MSB applications submitted
- 16 MSB applications approved
- 9 (56%) of the approvals were for virtual currency companies
- Message from Cindy Fazio
- DFI Mortgage Assistance Team Expands
- NMLS Closure July 22-26
- From the Field - Common Exam Findings
- Who Needs to be Licensed as a Manager and Have a Supervisory Plan?
- Cybersecurity and Ransomware Threats to Nondepository Financial Institutions
- Rulemaking Update
- Mortgage Updates
- Check Casher and Seller Updates
- Escrow Updates
- Money Services Updates