Money Services Industry Update

Licensing Updates

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

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Summer 2021 Division of Consumer Services Newsletter
Contact us at: dcs@dfi.wa.gov or (360) 902-8703