Money Transmitter/Currency Exchange
NMLS Transition FAQs
Answers to frequently asked questions about transitioning licenses onto the NMLS.
How do I get my existing license onto NMLS?
Each company holding a Money Transmitter or Currency Exchange license, who wishes to transition to NMLS, must create a company record in NMLS for their business. Once you submit the company form, you will be given user name(s) and password(s) to allow you access to NMLS. Existing licensees will complete a process called a "transition" in which you put your Washington license onto NMLS by completing a MU1 form. Once you transition your license onto NMLS, you will make future changes through NMLS.
What is happening to my Authorized Delegates?
At this time, authorized delegates and additional company owned locations of Money Transmitters and Currency Exchangers will not be managed on NMLS. Authorized Delegates are now managed through a DFI Online E-Commerce Authorized Delegate Website System.
What is NMLS?
NMLS is a secure, web-based system created by state regulators to provide efficiencies in the processing of state licenses and to improve supervision of state regulated industries. Through NMLS, companies maintain a single record which they use to apply for, maintain, and surrender license authorities in one or more states. NMLS also contains functionality for the electronic submission of many documents required for licensees. Visit the NMLS resource center for more information about NMLS.
What costs are associated with transitioning to NMLS?
NMLS will annually charge a processing fee of $100 per company license renewed through the system. There is no processing fee for transitioning an existing license onto NMLS. These processing fees pay for NMLS’ operations, including licensee system access 362 days per year, ability to maintain, renew and run reports on your licenses, and NMLS Call Center support.
I don’t understand the difference between DFI and NMLS. How do I know if I should contact DFI or NMLS if I have questions?
The Washington State Department of Financial Institutions (DFI) is still your regulator. NMLS is a database that will house your licensing data but NMLS does not have the authority to issue licenses or change state regulations. Questions related to your application requirements, laws, or rules should be directed to DFI. Questions related to navigating the NMLS system or technical issues with NMLS should be directed to NMLS.
Who do I contact at DFI about transitioning?
Contact Ariana Wood at (360) 664-7887, or by email at Ariana.Wood@dfi.wa.gov.
Who do I contact for questions relating to the NMLS system?
Contact the NMLS Call Center at (240) 386-4444.
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