Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-690 - Regulation of money services providers › Part C - LICENSING › Section 208-690-070 - License denial

Current through Register Vol. 24-14, July 15, 2024
When may the department deny my license
							application?
(1) Director may
						deny a money services license if the director determines that:
(a) The application is incomplete;
(b) The surety bond or net worth requirements
						of WAC 208-690-040 through
						208-690-060 have not been
						met;
(c) The general fitness and
						character requirements of
						RCW
						   19.230.070 or
						19.230.100 have not been met as
						demonstrated by findings including, but not limited to, the following:
(i) The applicant, an executive officer,
						proposed responsible individual, board director, AML compliance officer, other
						person in control or authorized delegate has been convicted of any felony
						within the past ten years;
(ii) The
						applicant, an executive officer, proposed responsible individual, board
						director, AML compliance officer, other person in control or authorized
						delegate has been convicted of a crime involving a financial transaction within
						the past ten years;
(iii) The
						applicant, an executive officer, proposed responsible individual, board
						director, AML compliance officer or other person in control has criminal,
						civil, or administrative charges issued against him/them in any jurisdiction
						for violations relating to a financial transaction(s) within the past ten
						years;
(iv) The applicant, an
						executive officer, proposed responsible individual, board director, AML
						compliance officer or other person in control has falsified any information
						supplied in connection with the application;
(v) The applicant, or any proposed authorized
						delegate thereof, has had an adverse action taken against any business license
						related to providing financial services by a jurisdiction within the United
						States within the past five years;
(vi) The applicant has allowed a business
						under its control to deteriorate to a condition of insolvency determined by the
						fact that its liabilities exceed its assets or it cannot meet its liabilities
						as they mature;
(d) The
						applicant, or any authorized delegate thereof, fails to respond to a request
						for information from the director;
(e) The description of the screening process
						used by the applicant in selecting authorized delegates supplied by the
						applicant describes a process that is ineffective in determining the fitness of
						proposed authorized delegates;
(f)
						The applicant has failed to register with the United States Department of the
						Treasury as required by 31
						U.S.C. Section 5330;
(g) The applicant, an executive officer,
						proposed responsible individual, board director, AML compliance officer or
						other person in control is listed on the specially designated nationals and
						blocked persons list prepared by the United States Department of the Treasury
						as a potential threat to commit terrorist acts or to finance terrorist
						acts.