WA
Company New Application Checklist Jurisdiction-Specific Requirements
WASHINGTON CURRENCY EXCHANGE LICENSE
This document includes instructions for a company (corporate location) new application request. At this time, authorized delegates and additional company owned locations are not handled electronically through the NMLS and will require documentation and a fee outside of the NMLS system. Total License costs for main office: $1,000 for the corporate location and including the NMLS processing fee. Control people must also complete a Criminal Background Check ($36.26 per person) and credit report authorization ($15 per person) through NMLS. Fees collected through the NMLS ARE NOT REFUNDABLE. You are responsible for reviewing the Uniform Money Services Act (RCW 19.230) and accompanying rules (WAC 208-690) to ensure familiarity and compliance. You’ll find these documents linked online at http://dfi.wa.gov/cs/money-services-providers.htm.
Use the checklist below to complete the requirements for Washington State Department of Financial Institutions (DFI) The checklist provides instructions and requirements for information to be entered in NMLS, the documents that must be uploaded into NMLS, as well as the documents that must be sent outside NMLS. For help with the NMLS application, see the Quick Guide for submitting a complete Company Form filing through NMLS. Consult the checklist to see what documents must be uploaded to NMLS. These will have a check box in the Filed in NMLS column and will reference uploading in the descriptions. For help with document uploads, see the Quick Guide for document upload in NMLS. Note: Financial statements are uploaded separately under the Filing tab, “Financial Statement” submenu. All other documents are uploaded in the Filing tab under the “Document Upload” section of the company form. Consult the checklist to see what documents must be sent to DFI. These will have a check box in the attached column. Jurisdiction-specific requirements as identified on the checklist below must be received with this checklist within 5 business days of the electronic submission of your application through the NMLS at the following: For U.S. Postal Service:
For Overnight Delivery:
Department of Financial Institutions Division of Consumer Services PO Box 41200 Olympia WA 98504-1200
Department of Financial Institutions Division of Consumer Services 150 Israel Rd SW Tumwater WA 98501
Updated: 9/12/16
NMLS Company Unique ID Number: ________________ Applicant Legal Name: FILED IN NMLS
ATTACHED
______________________________________
NOT APPLICABLE
Updated: 9/12/16
WASHINGTON STATE CURRENCY EXCHANGE LICENSE Other Trade Names: DBAs should be listed under Other Trade Names on the NMLS Company Form. Washington State DFI does not limit the number of DBAs. A Resident/Registered Agent: Not required for Currency Exchange companies whose corporate location is in Washington. If the corporate location is out of state, the Resident/Registered Agent section of the NMLS Company Form should be completed with the information currently on record with the Washington Secretary of State. Approvals and Designation: Enter your MSB registration number on the FinCEN Registration line (confirmation # and filing date). Note: Money Services Businesses (MSB) must register with the United States Treasury Department within 180 days of the start of operations. Information regarding MSB responsibilities under federal law can be obtained at http://www.fincen.gov/financial_institutions/msb/ or request a package of information by phoning 1-800-949-2732. Approvals and Designation: Enter your Unified Business License number (UBI number, this will be on your Master Business License) on the Other Approval/Designation line (name of approval/designation and Approval/Registration #). DFI will use this number to verify that you have completed two prerequisite items Master Business License Your company must obtain a Master Business License and Unified Business Identifier number (UBI) issued by the Washington State Department of Revenue, Business Licensing Service (BLS) at 1800-451-7985 or http://bls.dor.wa.gov. You must register trade names (“DBA”) on your Master Business License as well. Registration with the Washington Secretary of State If your company is not a sole proprietorship, you must register the company with the Washington Office of the Secretary of State http://www.secstate.wa.gov. Bank Accounts: Enter bank account information. For Currency Exchange, must be the account that is used for the currency exchange activities, and must be in the name of the business. Qualifying Individual: Enter your Responsible Individual (RI) in the Qualifying Individual section. This is the individual who is employed by the licensee and has principal managerial authority over the provision of money services by the licensee in this state. Upload the document authorizing work in the US if the RI is not a US Citizen. The upload should be under the document type Legal Name/Status Documentation. Credit Report: Individuals in a position of control are required to authorize a credit report through NMLS. Individuals will be required to complete an Identity Verification Process (IDV) along with an individual attestation before a license request for your company can be filed through NMLS.
FILED IN NMLS
ATTACHED
NOT APPLICABLE
WASHINGTON STATE CURRENCY EXCHANGE LICENSE MU2 Individual FBI Criminal Background Check (CBC) Requirements: Authorize a CBC through submission of the Company Form (MU1) and Individual Form (MU2) for the following individuals: Responsible Individual (listed in the Qualifying Individual section) Executive officer, board director or person that has control of the applicant unless the applicant or its corporate parent is a publicly traded entity. After submission of the company form, schedule an appointment to be fingerprinted if new prints are required, or take no additional action if able to ‘Use Existing Prints’ to process CBC.
See the Quick Guides - Company section of the NMLS Resource Center for more information. Disclosure Questions: Enter an explanation for any “Yes” response in NMLS as part of the MU1. Upload a copy of any applicable orders or supporting documents in NMLS. Business Plan: Upload a business plan detailing how money will be collected, how money will be exchanged, records collection and retention, and use of authorized delegates/additional locations if applicable. Also include the specific products and services you intend to offer under this license. Management Chart: Upload an organizational chart showing the applicant’s divisions, officers, and managers.
Organizational Chart/Description: Upload an organizational chart if applicant is owned by another entity or entities or person, or has subsidiaries or affiliated entities. Anti Money Laundering Program (AML): Provide a copy of the Anti Money Laundering Program used by the applicant and the most recent independent review of the Anti Money Laundering Program. 12 Month’s Currency Exchange: Provide a written statement with the one-line dollar figure that represents the total volume of currency exchanged for Washington State over the previous 12 months.
Authorized Delegates and Additional Applicant Locations: Mail the following information to DFI for the applicant’s proposed authorized delegates and the locations in this state where the applicant and its authorized delegates propose to engage in the provision of money services. Sample contract for independent authorized delegates, including the method used to screen delegates for criminal history and a sample of any screening forms used New Applicant Authorized Delegate Form (attached to the bottom of this checklist) Check for $100 per location (up to a maximum of $5,000) made payable to the Washington State Treasurer Third Party Investigatory Background Checks: If any control person does not or has not resided in the US for at least 5 years, an investigative background report must be prepared by an acceptable search firm and submitted directly to the Department in addition to other background information required in the application. At a minimum, the report must
Updated: 9/12/16
FILED IN NMLS
ATTACHED
NOT APPLICABLE
WASHINGTON STATE CURRENCY EXCHANGE LICENSE contain the following: A comprehensive credit report/history Civil court and bankruptcy court records for the past 5 years, including a search of the court data in the country(ies), states, towns, where the individual resided and worked and in contiguous areas Criminal records for the past 5 years, including felonies, misdemeanors and violations including a search of court data in the country(ies) states, towns, where the individual resided and worked and in contiguous areas
WHO TO CONTACT – Contact DFI’s Division of Consumer Services licensing staff by phone at 360902-8703 options 2, 3, 1 or send your questions via e-mail to
[email protected].
THE APPLICANT/LICENSEE IS FULLY RESPONSIBLE FOR ALL OF THE REQUIREMENTS OF THE LICENSE FOR WHICH THEY ARE APPLYING. THE JURISDICTION SPECIFIC REQUIREMENTS CONTAINED HEREIN ARE FOR GUIDANCE ONLY TO FACILITATE APPLICATION THROUGH THE NMLS. SHOULD YOU HAVE QUESTIONS, PLEASE CONSULT LEGAL COUNSEL.
Updated: 9/12/16
WASHINGTON MONEY SERVICES NEW APPLICANT AUTHORIZED DELEGATE FORM CURRENCY EXCHANGE ONLY CURRENCY EXCHANGE
FEES ADD AN AUTHORIZED DELEGATE: FIRST LICENSE APPLICATION - $100 EACH (UP TO A MAXIMUM OF $5,000) Make check Payable To: “WASHINGTON STATE TREASURER”
Applicant Name: Desired Effective Date (MM/DD/YYYY):
(Per WAC 208-690-030 and WAC 208-690-130)
“Authorized Delegate” means a person/location a licensee designates to provide money services on behalf of the licensee. The definition of Authorized Delegate includes all company owned locations.
APPLICANT OWNED AUTHORIZED DELEGATE APPLICANT’S SUBSIDIARY 1.
INDEPENDENT AUTHORIZED DELEGATE APPLICANT’S AFFILIATE
Exact name, physical address, mailing address, contact name, telephone numbers, and fax number of delegate. (A) Entity name (B) Trade Name or DBA (sole proprietors provide last, first, and full middle name)
(C) Business address: (Do not use a P.O. Box) Number & Street City (D) Mailing address, if different from Business address:
State / Province & Country
Zip+4 / Postal Code
PO Box or Number & Street (E) Contact Employee: (REQUIRED)
State / Province & Country
Zip+4 / Postal Code
( ) Business Phone
Name and Title PO Box or Number & Street (F) For each mobile facility:
City ext
City Vehicle Identification Number (VIN)
( ) Fax Line
e-mail address
State / Province & Country
Zip+4 / Postal Code
AUTHORIZATION FOR VERIFICATION – LICENSEE I, the undersigned officer of the Licensee, hereby affirm that I have full authority to sign and verify this application, that I have read this application and have knowledge of the information stated herein, and that this application, and all information submitted in connection herewith, is complete and accurate, to the best of my knowledge and belief. BY: Signature of Authorized Official
Date
Printed Name of Authorized Official
Title
__________________ First License Applicants: You must enclose a sample contract for independent authorized delegates, including the method used to screen delegates for criminal history and a sample of any screening forms used. Note: If you are an applicant with many authorized delegates, to expedite processing you may attach a list or spreadsheet to this form which includes all of the information required above (rather than submitting multiple copies of this form).
Updated: 9/12/16
