For many years certain money services business regulated by the Washington Department of Financial Institutions have found they are categorically excluded from access to account services offered by financial institutions.

These small money services businesses send remittances overseas to vulnerable areas of the world, where poverty is widespread and for whom remittances form a large portion of the gross national product and serve a humanitarian purpose.  

The Washington State Department of Financial Institutions has worked closely with money services businesses, depository institutions, federal regulators and state and federal legislators and other stakeholders to develop guidance and tools that will support an appropriate, risk-based approach to providing account services to these businesses. The following documents are designed to supplement existing federal regulatory guidance and are the product of a collaborative process.  These documents may be revised as discussions addressing the issue of derisking of some money services businesses continue.

Guidance and Resources from DFI

DFI's Guidance Regarding Impact Money Services Business Program
This document is intended to provide supplemental best practice regulatory guidance and expectations for depository institutions looking to provide banking services to money service businesses, specifically those seeking foreign remittance services.

Agreement to Maintain Confidentiality
This Agreement, if signed by all parties, would provide the money service business an opportunity to allow DFI to share the companies Report of Examination and other regulatory information with the depository institution.

Model Master Addendum to Commercial Deposit Agreement
The Commercial Deposit Agreement is a sample agreement that could be used by the depository institution to establish a risk framework with the money service business client. This is not intended to be an all-encompassing document, could be revised by the depository institution, and should undergo standard internal legal review.

October 14, 2022 Letter from DFI Director to Bank and Credit Union CEOs
Letter from DFI Director Charlie Clark to bank and credit union CEOs regarding money services businesses and depositories.