Recommendations For Best Practices

MONEY TRANSMITTER LICENSEES

• As respective state laws allow, implement policies and procedures to conduct periodic background checks or records searches to ensure current covered employees have not become ineligible under O.C.G.A. Section 7-1-684 while employed.

• Implement policies and procedures to conduct timely initial and periodic checks of covered employees NMLS Consumer Access for ineligibility under O.C.G.A. Section 7-1-692.

• Implement processes and procedures to ensure applicable personnel are familiar with the Money Services Business Call Report and the Yearly Report for Money Transmitter Licensees.  More information on these reports can be found here: https://dbf.georgia.gov/money-service-businesses/quarterly-msb-reporting and https://dbf.georgia.gov/money-service-businesses/yearly-msb-reporting

• Implement procedures and processes to frequently check for changes to applicable Georgia laws and to Department Rules and Regulations.  The Department will post information concerning proposed rules changes on the Department's website at:  https://dbf.georgia.gov