FYI Financial News

  - Updates from DFI's Consumer Services

Spring 2012

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Money Services Industry Update

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Licensing Updates

Number of licenses:

License Types Count as of
May 2012		 Count as of
May 2011
Money Transmitter-Main 100 89
Money Transmitter - Authorized Delegates 10,136 9,093
Currency Exchanger - Main 5 5
Currency Exchanger - Authorized Delegates 7 7

NMLS Expansion Update

In our last E-newsletter we shared information about the significant changes that are happening with the national database NMLS. Existing Money Transmitters and Currency Exchangers were able to start transitioning their licenses to NMLS starting April 15th.

We are pleased to say the roll out of the expansion was successful due to the level of teamwork and ongoing communication between our licensees, NMLS staff and our Licensing Team. To date four licensees have initiated the transition process, and we are expecting this list to grow in the months ahead as more states adopt the NMLS system.

Thank you to all involved for the support in making this happen. As we mentioned in our previous communication, this expansion is intended to help streamline the licensing process for our licensee and for us as the regulator. Here is a link to our Money Transmitter and Currency Exchanger Transition Website: www.dfi.wa.gov/cs/money-services-nmls-transition-faq.htm.

For existing licensees, the use of NMLS is currently voluntary. However, starting June 7th, all new Money Transmitter and Currency Exchange applicants must apply through NMLS.

Authorized Delegate E-Commerce Application Mandatory August 15, 2012

The option for online authorized delegate reporting, which is currently not available in NMLS, was put in place at DFI for our licensees in April. To date, 14 companies are successfully using this online service saving both them and us time and resources.

Effective August 15th, DFI will discontinue its use of paper forms for the reporting of authorized delegate additions, deletions, or changes. All companies will need to use the E-Commerce application webpage found using the following link: https://fortress.wa.gov/dfi/elicensing/dfi/elicensing/MoneyTransmitterAuthorizedDelegate

Third Party Account Administrators (TPAAs)

The provisions of Engrossed Senate Bill 6155 become effective June 7, 2012.

Third party account administrators (TPAAs) must follow specific requirements when working with debt adjusters. TPAAs must also be licensed as money transmitters.

For more information, visit our webpage: www.dfi.wa.gov/cs/money-services-providers-tpaa.htm.

Examination Update - Annual Assessments Due July 2, 2012

The 2011 Washington State Money Transmitter and Currency Exchange Annual Assessment Report is due by Monday, July 2, 2012.

You may access the forms using either of the following links: