Number of licenses:
|License Types||Count as of
|Count as of
|Money Transmitter - Authorized Delegates||11,650||10,136|
|Currency Exchanger - Main||5||5|
|Currency Exchanger - Authorized Delegates||6||7|
Recent legislation clarified DFI’s authority to collect and submit fingerprint cards to the Washington State Patrol or the Federal Bureau of Investigation. Effective July 28, 2013, DFI will collect fingerprint cards for the following individuals of Money Transmitters and Currency Exchangers:
In the future we may request fingerprint cards from existing officers of current licensees.
You can use the following link to view changes to the UMSA
* Note that the fingerprint requirement does not apply when the applicant or its corporate parents are publicly traded entities.
Last year, Washington introduced NMLS as a new way to apply for and maintain your Money Transmitter or Currency Exchange license. So far, participation on NMLS has been optional for existing licensees, but we are now requiring that multistate money transmitter and currency exchange licensees start transitioning onto NMLS. If you operate in multiple states, you must have an approved transition by December 31, 2013. In order to allow for adequate processing time, please make sure you submit your transition on NMLS by October 1, 2013.
Use the following link for details about how to transition your license.
The 2012 Washington State Money Transmitter and Currency Exchange Annual Assessment Report are due by Monday, July 1, 2013.
You may access the forms using either of the following links:
DFI has recently seen some money transmitters that operate in multiple states without having obtained proper licenses. Title 18, United States Code, Part 1, Chapter 95, Section 1960, prohibits companies from operating in states that require money transmission licenses without obtaining such a license. Washington DFI’s license allows you to do business with persons in Washington State; however, the Washington DFI license does not extend beyond Washington. Most states have their own licensing requirements that you must follow if you wish to transmit money or exchange currency for consumers in that state.
Failure to obtain proper licenses can result in serious consequences as the company is at risk of fines and penalties from federal and state agencies for the potential unlicensed activity. If you have questions about whether your activity would require a license in a particular state, you should contact that state to determine their licensing requirements.