In an effort to streamline Money Services Businesses (MSB) reporting, improve compliance and create the only comprehensive database of nationwide MSB transaction activity, the Conference of State Bank Supervisors recently released the MSB Call Report, a new tool within the Nationwide Multistate Licensing System (NMLS).
“We are proud to launch the MSB Call Report and, once again, use the NMLS platform to bring more uniformity to state licensing requirements, increase regulatory collaboration, and bring greater transparency to non-depository supervision,” Vermont Department of Financial Regulation Regulatory & Consumer Affairs Director Sue Clark said in a press release. “The information collected through these call reports will provide complete and meaningful information on MSBs, including fintech companies licensed to do business as money transmitters, and assist state regulators to better analyze risk, monitor compliance, and make more informed and timely decisions when it comes to MSB supervision.”
The enhanced reporting will also provide a “unique, detailed snapshot of fintech companies as they mature and evolve,” according to the release.
The MSB Call Report debuted in the NMLS on April 1 and licensees are required to file by May 15. Eighteen state agencies have adopted the report for Q1 2017 and 80 percent of all money transmitters within NMLS will be expected to submit reports.
The MSB Call Report includes national and state specific MSB activity that is submitted on a quarterly and annual basis. The report applies to licensees in states that adopt the report and engage in the following activities: money transmission, check cashing, issuing or selling travelers checks, issuing or selling drafts, foreign currency dealing and exchange, issuing or selling money orders, bill paying, issuing or selling prepaid access/stored value products and virtual currency.