Money Services Industry Update

Policy Statement Regarding Virtual Currency Kiosks

Earlier this year, the Department issued a policy statement to virtual currency kiosk operators clarifying that before initiating a transaction, virtual currency kiosk operators must provide consumers with a separate disclosure clearly stating that once money or virtual currency has been sent, the money or virtual currency, is gone, even if the consumer is a victim of a scam.

Policy Statement on Virtual Currency Kiosks

Reminder of Reporting Requirements

Don’t forget! You must keep your NMLS record accurate by reporting material changes to the Department. Examples of material changes include a change in address, company name, records location, as well as a change in your business bank account and change in business plan. As noted in our From the Field article, failure to report material changes is a common exam finding.

You can review WAC 208-690-110 for additional information on material change reporting.

Reminder –Authorized Delegate Reporting

Another friendly reminder: Any authorized delegate change must be reported within 30 days of the change. All reporting is done through NMLS.

Authorized Agent Quick Guide