Current through Register Vol. 24-18, September 15, 2024
(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.
(2) In lieu of
denying an application as authorized by any of the findings in subsection (1)
of this section, the director may issue a conditional license, return the
application, or extend the review period if the director determines that the
condition or circumstances that would likely lead to denial may be temporary
and resolved satisfactorily within a reasonable period of time. The director
may resume processing the application if the director determines that a
favorable resolution of the disqualifying condition has occurred.
Statutory Authority:
RCW
43.320.040,
19.230.310, 2010 c 37. 10-20-123,
§
208-690-070, filed 10/5/10,
effective 11/5/10. Statutory Authority:
RCW
19.230.310 and
43.320.040. 04-15-005, §
208-690-070, filed 7/7/04,
effective 8/7/04.
