Money Transmitters and Currency Exchangers
If you intend to conduct money transmission business in Washington, you must apply for a Money Transmitter license.
A Money Transmitter license also permits operation of a currency exchange business. If you intend to operate only a currency exchange business, you should complete the Currency Exchange license materials below.
Featured Information
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Licensing Fees Clarification Table
A key element to a successful application submission is submitting the correct fees. A shortage of fees can create a delay in processing. View our table summarizing the fees.
Licensing Fees Summary -
Fall 2011 Newsletter
DFI's Division of Consumer Services' Fall 2011 newsletter is now available.
Fall 2011 Newsletter -
2010 Money Services Annual Assessment Report Due July 1, 2011
2010 Annual Assessment Report (AAR) for Licensees of the Uniform Money Services Act. The report, supporting documents, and assessment fees must be received at the Department of Financial Institutions (DFI) by 5:00 p.m. (Pacific Standard Time) July 1, 2011.
2010 Money Services Annual Report (Fillable Word) - Average Daily Transmission Liability (ADTL) Model Form
Amendments to chapter 19.230 RCW, the Uniform Money Services Act (the UMSA) that became effective June 10, 2010, at RCW 19.230.170(1)(c) and RCW 19.230.200 (1) now require Money Transmitter licensees to maintain monthly reports about permissible investments and to ensure Average Daily Transmission Liability is never greater than permissible investments. The Department of Financial Institutions has developed this Average Daily Transmission Liability (ADTL) model form to enable you to calculate your ADTL to meet this requirement.
ADTL Model Form (Excel)*** - New Uniform Money Services Rules Adopted October 5, 2010 - Effective
November 5, 2010
DFI has adopted rules from the 2010 rulemaking to implement changes to the law.
Adopted Rules (PDF)*
2010 Rulemaking Documents and Information - Proposed Bill Amending the Uniform Money Services Act
The Department of Financial Institutions (DFI) is proposing to introduce a bill in the 2011 Legislative Session that will amend the Uniform Money Services Act. The proposal would authorize the DFI to obtain a court-issued subpoena for third-party records in the course of an agency investigation. The document below provides additional information about DFI's proposed legislation.
Proposed Bill Information (PDF)*
- Financial Institutions That Handle Money Transmitter Accounts
If you are a money transmitter and your financial institution cancelled your business account, DFI's list of financial institutions that handle money transmitter business accounts may help.
Examinations Information
Examination information, frequently asked questions, and resources for Washington Money Transmitters.
Applications, Reports, and Forms
| Form | Word | Excel | |
| Washington Money Services License Application | Word | N/A | |
| Money Services License Amendment Application | Word | N/A | |
| Money Services Individual Background Form | Word | N/A | |
| Average Daily Transmission Liability (ADTL) Model Form | N/A | N/A | Excel |
| Money Services Annual Assessment Report 2010 | N/A | Fillable Word | N/A |
| Money Services Surety Bond Form | Fillable Word | N/A | |
| Money Services Assignment of Account or Time Deposit | N/A | N/A | |
| Currency Exchanger Quarterly Report Form | N/A | N/A | |
| Money Transmitter Quarterly Report Form | Fillable Word | N/A | |
| Money Transmitter Office Closure/License Surrender Form | N/A | N/A | |
| Money Services Annual Assessment Report 2009 | N/A | Fillable Word | N/A |
| Money Services Annual Assessment Report 2008 | N/A | N/A |
Laws and Rules
Applicants and licensees are expected to be knowledgeable about and in compliance with Chapter 19.230, Revised Code of Washington (RCW) and Chapter 208-690 of the Washington Administrative Code (WAC) adopted to implement the law, and any other applicable state or federal statutes and regulations.
Chapter 19.230 RCW - Uniform Money Services ActChapter 208-690 WAC - Regulation of Money Services Providers
Newsletters
* This document is a PDF file, and you will need Adobe Acrobat Reader to view it. If you don't already have Acrobat Reader installed on your computer, you may download it for free from Adobe.
** This document is a Microsoft Word file, and you will need Microsoft Word to view it. If you do not have Microsoft Word installed on your machine, you can download the free Microsoft Word Viewer.
*** This document is a Microsoft Excel file, and you will need Microsoft Excel or Excel to open it.
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