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Washington – Check Casher License

Introduction

In Washington, businesses that offer check cashing services must obtain a Check Casher License from the Washington State Department of Financial Institutions (DFI). Whether you're operating a check cashing business or adding check cashing services to a retail store, securing this license is mandatory to remain compliant with state laws.

 

Licensing Requirements

To apply for a Check Casher License in Washington, you’ll need to:

  • Apply through the NMLS.

  • Provide a complete business plan, including financial statements.

  • Submit background checks and fingerprinting for all owners and key personnel.

  • Prove your business has a physical location in Washington.

  • Provide a written compliance program, including your policies for fraud prevention, customer verification, and recordkeeping.

Washington has stringent requirements to protect both consumers and financial institutions, so thorough documentation and compliance are essential.

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Regulations and Compliance

Washington requires strict compliance from check cashers:

  • You must clearly post check cashing fees in your business location.

  • Receipts must be provided for every transaction.

  • Customer identity verification is mandatory, using government-issued identification.

  • You must maintain records of all transactions and make them available for review if needed.

  • Your business must comply with all anti-money laundering laws, and periodic audits may be conducted by the DFI.

 

Processing Time

The typical processing time for a Check Casher License in Washington is 6 to 8 weeks, depending on the complexity of your application and the time taken to respond to any additional state requests.

 

How We Can Help

We help you navigate the entire licensing process in Washington:

  • Preparing and submitting your NMLS application.

  • Creating and customizing your compliance program to meet Washington’s specific regulations.

  • Assisting with fingerprinting, background checks, and any other state requirements.

Let us handle the red tape so you can focus on operating your business smoothly.

 

FAQs

Q: Do I need to submit financial statements as part of the application?
A: Yes. You will need to provide financial statements, including balance sheets and income statements, to demonstrate your financial stability.

 

Q: Can I offer check cashing services while my license application is pending?
A: No. You must wait for approval of your license before offering check cashing services.

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