Georgia State-Chartered Banks and Credit Unions Closure Procedures
In light of recent inquiries related to COVID-19, the Department would like to remind all Georgia State-Chartered Banks and Credit Unions of emergency closing notification procedures. Georgia Banks and Credit Unions Closure Procedures
Forms for Existing Money Transmitter Licensees
June 6, 2019
In addition to the mandatory quarterly filings required through the NMLS, licensees are required to submit Average Daily Balance of Outstandings directly to the Department via email to firstname.lastname@example.org. This fillable PDF form replaces the webform that was utilized previously.
Please email the completed Quarterly Report of Outstandings for Sale of Payment Instruments and Money Transmitter Licensees PDF form to email@example.com.
The NMLS mandatory filings - Money Service Business Call Report (MSBCR) and Uniform Authorized Agent Report (UAAR) - and the Quarterly Report of Outstandings must be completed within 45 days after the quarter end. Licensees that fail to file all required reports by the deadline will be assessed a fine of $1,000 and may subject their Georgia license to revocation.
Electronic Surety Bonds (ESB)
Electronic surety bonds (ESB) for money transmitters and sellers of payment instruments were available in NMLS starting January 23, 2017. Licensees of these types are required to meet all surety bond requirements by completing the electronic surety bond process in NMLS. Any changes to the ESB should be made through the NMLS.
As of 9/12/2016, criminal history background checks on MU2 individuals should be authorized and submitted through the NMLS.
OTHER FORMS AND GUIDANCE:
MSB Guide for Developing an Anti-Money Laundering (AML) Policy:
FinCEN Forms and Guidance (for compliance with applicable federal laws):
- FinCEN Requires Electronic Filing for MSB Registrations and other Reporting
- Enroll in FinCEN's BSA E-Filing System - Types of Forms Supported by BSA E-Filing:
Currency Transaction Report (FinCEN Form 104)
Suspicious Activity Report by Money Services Business (FinCEN Form 109, formerly 90-22.56)
Registration of Money Services Business (FinCEN Form 107)
- MSB Registration Query website
- Money Service Business (MSB) Information (Links off-site to FinCEN) - This link will take you to a website created to address the needs of a special category of financial institutions under the Bank Secrecy Act (BSA) referred to as Money Services Businesses or MSBs. Click on the link above to learn more.