Examination information, faqs, and resources for Washington Check Cashers and Payday Lenders.
The ManagerвЂ™s Questionnaire is provided for the licensee ahead of an examination that is routine. The ManagerвЂ™s Questionnaire is supposed to be finished by the licensee and gone back to your Department ahead of the assessment.
Typical Examination Findings
Responses to questions that are common exams carried out by DFI.
What’s a cash solutions company (MSB)? Have always been we an MSB?If you’re certified under the Check Cashers and Sellers Act, you may be an MSB underneath the Bank Secrecy Act. Check always Casher and Seller licensees are MSBs when they take part in cash transmission, check cashing (as long as the licensee cashes checks over $1,000 for just about any anyone in virtually any 1 day), check selling (as long as the licensee offers checks or cash sales over $1,000 for just about any anyone in virtually any 1 day), or offering saved value (only when the licensee offers saved value over $1,000 for almost any anyone in every 1 day). Just what payday loans in Stephens City VA performs this mean for you personally? If you should be an MSB, your organization might be at the mercy of rules that are additional laws.
Most MSBs have to register aided by the Financial Crimes Enforcement Network (FinCEN). The registration is filed on FinCEN Form 107.
- Confirming consumer information
- Filing reports (such as for example Currency Transaction Reports and activity that is suspicious)
- Creating and retaining documents
- Giving an answer to police force needs
- Designate a compliance officer in order to guarantee day-to-day conformity with this program.
- Allow for regular separate review to monitor and keep a program that is adequate. The scope and regularity of this review will be commensurate using the danger of the services that are financial by the money solutions company. This review might be carried out by an employee or officer of the income services company as long as the reviewer isn’t the designated conformity officer.
- Offer AML conformity training for workers concerning their obligations beneath the system, including trained in the detection of dubious deals. Documentation showing that appropriate training ended up being supplied to all or any workers, including copies of training materials utilized to perform working out must certanly be distributed around the Department.
- Do I have to keep a general ledger?licensees are needed by WAC 208-630-640 to keep up an over-all ledger containing all assets, liabilities, money, earnings, and costs.
- The length of time do i need to maintain documents?Licensees have to keep all records for at the very least couple of years per RCW 31.45.060; but, federal legislation takes a five 12 months retention duration for just about any records related to cash solutions.
- Just exactly What must I expect on an examination?DFI conducts exams of their check casher/seller licensees roughly every 6-24 months, with respect to the danger posed by the business enterprise. For an assessment, an examiner will review a licenseeвЂ™s financial condition, along with conformity along with state and federal regulations. The licenseeвЂ™s deals may be evaluated to make sure conformity with federal reporting and recordkeeping requirements beneath the Bank Secrecy Act. Administration would be assessed to make sure they’re not operating the ongoing business in a fashion that could end up being unsafe for Washington customers. In the event that licensee holds a little loan recommendation, agreements and consumer files is supposed to be evaluated to make certain conformity because of the Truth-in-Lending Act and army financing guidelines. Rejected credit files is likely to be evaluated to make certain compliance using the Equal Credit chance Act. The examiner will even review conformity with different the rest for the Check Cashers and Sellers Act, and also other state that is applicable federal regulations. The on-site assessment can just just simply take anywhere from each day to many days, with respect to the complexity for the licenseeвЂ™s operations, willingness to offer required documents, and general amount of compliance.