Examination information, faqs, and resources for Washington Check Cashers and Payday Lenders.
The Manager’s Questionnaire is delivered to the licensee just before an examination that is routine. The Manager’s Questionnaire are going to be finished by the licensee and came back towards the Department ahead of the assessment.
Responses to typical questions regarding exams carried out by DFI.
What exactly is a cash solutions company (MSB)? Have always been we an MSB?If you may be certified beneath the Check Cashers and Sellers Act, you may be an MSB beneath the Bank Secrecy Act. Check always Casher and Seller licensees are MSBs when they practice cash transmission, check cashing (only when the licensee cashes checks over $1,000 for almost any one individual in every 1 day), check selling (only when the licensee offers checks or cash instructions over $1,000 for almost any anyone in virtually any 1 day), or attempting to sell saved value (as long as the licensee offers saved value over $1,000 for almost any one individual in every 1 day). What performs this suggest for you personally? If you should be an MSB, your company could be susceptible to extra guidelines and laws.
Many MSBs have to register utilizing the Financial Crimes Enforcement Network (FinCEN). The enrollment is filed on FinCEN Form 107.