From the: Fall 2022 Consumer Services Newsletter

Fall 2022 update for the money services industry.

Licensing Numbers

License Types As of October 2022 As of October 2021
Money Transmitter- Main 262 242
Money Transmitter-Authorized Delegates 6,171 10,131
Currency Exchanger- Main 5 6
Currency Exchanger-Authorized Delegates 4 4

NMLS Annual Attestation

The start of November means it’s time to complete the annual attestation for your Washington license. Account administrators for licensees already received emails about what NMLS calls the “annual renewal period.” Because the Money Transmitter and Currency Exchanger licenses are perpetual, the license does not renew, but licensees must attest to the accuracy of their NMLS record and pay the annual NMLS system fee. Here are some specific details:

  • Complete the annual attestation between November 1 and December 31 each year.
  • NMLS System Fees are $100 for the main office.
  • The following steps should be done now to prepare for the annual attestation:
    • Log into NMLS to review and clear all license items
    • Review the company record for accuracy as the attestation is a legal certification that the record is accurate.

Important Notes:

  • The NMLS annual attestation does not replace your annual assessment, which is due by July 1.
  • If you are not going to maintain your license, you must request surrender through NMLS and provide the Department with the required closure documents.

    Money Transmitter Closure or Currency Exchanger Closure

MSB Call Report Form Version Update

The Money Services Business (MSB) Call Report will be upgraded to Form Version 2 on April 1 of next year. The new form version will be effective starting with the Q1 2023 MSB Call Report filing.

The line item numbering for state and nationwide virtual currency transactions has been updated for Form Version 2. The definitions have not changed since the first announcement of Form Version 2.

For more information, see the Form Version 2 section of the Money Services Business Call Report webpage on the NMLS Resource Center.