Last month, the Virginia Bureau of Financial Institutions added its money order seller and money transmitter license to the NMLS, leaving just a couple of state agencies that have yet to add their money services business licenses to the system. Existing licensees must transition their licenses to the system by September 1, 2019 (a very quick deadline!) by following the instructions set forth in the license transition checklist. New license applicants should refer to the new application checklist.
Both checklists require that the following items, among others, must be uploaded to the company’s NMLS Company Form:
- Most-recent version of company’s AML/BSA policy and most-recent independent review of such policy
- All company policies, procedures, and training manuals to be provided to agents
- Description of company’s fidelity coverage
Need help transitioning your MSB license to the NMLS or applying for a license via the NMLS? Consider APPROVED!