Uniform Money Services Act Interpretive Statements

Opinions from the Washington Division of Division of Consumer Services clarifying RCWs and WACs related to Washington Money Services Providers.

DFI Director's Interpretive Statements
See Also: Interpretive Statements from the Director of DFI

Interim Regulatory Guidance under WAC 208-690-205(2)

Note About The Payment Processing Interpretive Statement

The Department has revised the December 7, 2015, Interpretative Statement regarding payment processing under the Act. The revisions:

  1. Clarify that money transmission can occur by a constructive control of the flow of funds versus an actual control of funds. An example is a business model that directs the flow of funds from and to bank accounts versus a business model that includes the payment processor taking funds into its own bank account or an FBO account it controls.
  2. Clarify how the Department’s decision to issue a license waiver is consistent generally with FinCEN’s analysis that payment processing may be a lower risk to consumers.
  3. Clarify implementation of the Interpretive Statement.

For those of you who have received the License Waiver, no changes are necessary based on the revisions. Thank you for helping us get these waivers out efficiently.

Opinion # Date Subject
MT IS 2015-01 05/02/2016 Revised Payment Processing – WITHDRAWN DUE TO STATUTORY AMENDMENT
MT IS 2015-01 12/07/2015 Payment Processing - WITHDRAWN DUE TO STATUTORY AMENDMENT
MT IS 2012-01 09/07/2012 Authorized Delegates: Advertising and Supervision - WITHDRAWN DUE TO STATUTORY AMENDMENT