Quarterly MSB newsletter, Issue 3 (July-Sept. 2013)

Georgia Department of Banking & Finance ~ Non-Depository Financial Institutions Division
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Inside this Issue:
Check Casher 2 License/
Registration Renewal Deadline
Remittance 2 Transfer Rule (Amendment to Regulation E)
Anti-Money 3 Laundering (AML)
Upcoming Check 3 Cashing Classes
Check Casher 4 Activity for the 3rd
Quarter
Check Seller / 5 Money Transmitter Activity for the 3rd
Quarter
Department Issues 6 Proposed
Rulemaking and Provides
Opportunity to Comment
Upcoming State 6 Holidays
Customer Service 7 Star
Contact Information 7

Annual License Renewal Check Sellers and Money Transmitters
On September 30, 2013, the Department sent out check seller and money transmitter renewal notices to existing licensees. If you did not receive the log-in information and online renewal requirements via e-mail, please be sure that your e-mail account does not divert Department e-mail to your spam or junk folder and that you have the correct e-mail address on file with our Department.
You must complete and pay for your renewal online, either by credit card or ACH. If you have a checking account, you can choose the ACH payment option. You will need the bank routing number and your checking account number to pay by ACH.
Completion of the application, associated questionnaire, reporting schedules, and payment for all renewal fees and outstanding examination fees or fines must be done online. However, supporting documentation must be submitted separately using the Cover Sheet for Attachments provided online or with your renewal notice. When supplemental information is not received in a timely manner, renewal prior to license expiration cannot be guaranteed.
Please remember that the surety bond needed for renewal must cover the new license year. The surety bond, the current financial statement, and the audit or annual financial are due December 1st.
Renewals must be completed online by midnight, November 1, 2013, or they are considered late, and the licensee will be assessed a late fee of $300 in addition to the renewal fee. Licensees who do not complete the renewal process by midnight December 31, 2013, will have their licenses expire.
Once the online renewal for a licensee is approved, an e-mail will be sent to the licensee's primary contact directing them to the Department's secure website for retrieving the 2014 license certificate.
For questions regarding the license renewal process, please contact the Department via e-mail at msb@dbf.state.ga.us. Licensees should be sure to include their license number on any communication with the Department. This will allow us to assist you more quickly and efficiently.

"Safeguarding Georgia's Financial Services"

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3rd Quarter 2013

Check Casher License/Registration Renewal Deadline
Licenses/registrations have expired for check cashers who did not complete the online license/registration renewal process by the September 30, 2013 deadline. Licensees/registrants whose licensed expired on September 30, 2013 cannot conduct business as a check casher until a new license/registration is applied for and approved.
LICENSE OR REGISTRATION REINSTATEMENTS
Check cashers who failed to renew their license or registration prior to the September 30th expiration must reapply to have their license or registration reinstated.
This requires the submission of a new license or registration application form and all supporting documents and fees. The application form is the same as for new applicants. Please download the appropriate application form above. When submitting the application to the Department, please indicate "Reinstatement" on the first page of the application form.
Once a reinstatement application is submitted, the licensee or registrant will be contacted by e-mail in the event additional information is required. Reinstatement applications requiring additional information cannot be approved until such additional information is received and approved. All fines and fees must be paid before a check casher reinstatement license or registration is issued.
If you have any questions regarding the reinstatement application process, please e-mail Applications Analyst Susan Nelson at nelson@dbf.state.ga.us.

Remittance Transfer Rule (Amendment to Regulation E)
The Consumer Financial Protection Bureau (CFPB) is amending Regulation E, which implements the Electronic Fund Transfer Act, and the official interpretation to the regulation, which interprets the requirements of Regulation E. The amendments implement statutory requirements set forth in the Dodd-Frank Act.
The final rule is effective October 28, 2013, and requires most companies that provide remittance transfers to give their customers certain disclosures, and establishes cancellation and error resolution procedures. Further details and resources to help businesses comply can be found on the CFPB's website at: http:// www.consumerfinance.gov/remittances-transfer-rule-amendment-to-regulation-e/
The CFPB has made available a guide that provides an easy-to-use summary of the remittance transfer rule. This guide also highlights issues that businesses, in particular small businesses and those that work with them, may want to consider when implementing the rule. This guide can be found at: http://files.consumerfinance.gov/ f/201308_cfpb_Intl-Money-Transfer-Small-Entity-Compliance-Guide.pdf

3rd Quarter 2013

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Anti-Money Laundering (AML)
All licensees and registrants who are an MSB by definition under federal law are required under the Bank Secrecy Act (BSA) and Department Rule 80-3-1-.03 to develop and implement an AML compliance program. Each program must be commensurate with the risks posed by the location, size, nature and volume of the financial services provided by the MSB. An effective program is one designed to prevent the MSB from being used to facilitate money laundering.
Each AML compliance program must be in writing and must:
Incorporate policies, procedures and internal controls reasonably designed to assure compliance with
the Bank Secrecy Act (BSA);
Designate a compliance officer responsible for day-to-day compliance with the BSA and the compliance
program;
Provide education and/or training of appropriate personnel; and Provide for independent review to monitor and maintain an adequate program.
Licensees have repeatedly asked what they can do about training for AML. The Department recommends that licensees review their AML policy and ensure that all owners and employees understand the policy and sign and date a document acknowledging their reading and understanding of the policy. In addition, the Department recommended that licensees read newsletters and information found on its website, the Financial Crimes Enforcement Network's (FinCEN) website and the IRS website. FinCEN publishes material on its website that can be used for guidance and internal training of MSB owners and employees.

Upcoming Check Cashing Class
The Department will continue to hold a class at its main office every other month that is open to all check cashers. The class benefits first-time check cashers and veteran check cashers. Classes are scheduled on Tuesdays at 10:00 a.m. and generally last about an hour and a half. The last class for this year is scheduled for Tuesday, November 19th*.
There is no cost for the class and it is a great way to learn about Georgia law, Department regulations, the Bank Secrecy Act (BSA) and Anti-Money Laundering requirements. During examinations, those who have attended the class have stated that the knowledge and information they gained helped prevent violations and avoid the imposition of fines. As a further benefit, the Department provides a certificate of attendance that licensees may use as evidence of training received on BSA and Anti-Money Laundering.
The classes are limited to a maximum of seven attendees, so you must make an advance reservation for a seat by calling 770-986-1639 or emailing tkoeppel@dbf.state.ga.us at least five days before the class is held. Reserve your seat NOW! We look forward to seeing you.
* Please note that the class schedule is subject to change.

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3rd Quarter 2013

3rd Quarter 2013

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3rd Quarter 2013

Department Issues Proposed Rulemaking and Provides Opportunity to Comment
On October 4, 2013, pursuant to the provisions of the Georgia Administrative Procedure Act, O.C.G.A. 50-13-1 et seq., and by the authority of O.C.G.A. 7-1-61, 7-1-688, 7-1-704, 7-1-1012 and other cited statutes, the Department of Banking and Finance ("Department") gave notice of its intent to adopt new rules.
Comments to the Department must be received by the close of business on Monday, November 4, 2013.
The Proposed Rules may be viewed or downloaded from the Department's website at: http://dbf.georgia.gov/sites/dbf.georgia.gov/files/related_files/document/DBFProposedRules10-4-2013.pdf

Holiday Name
Columbus Day Veterans' Day Thanksgiving Day
Christmas Day

Upcoming State Holidays
Date Observed
October 14th Monday November 11th Monday
November 28th Thursday Lee's Birthday will be observed on Friday, November 29th
December 25th Wednesday Washington's Birthday will be observed on Tuesday, December 24th

3rd Quarter 2013

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CUSTOMER SERVICE STAR
It is the Department's goal to provide excellent customer service by meeting and exceeding the expectations of our customers. Along those lines, we would like to recognize the following individual and/or team for going above and beyond in serving our customers:
Applications Analyst Susan Nelson The Department received comments about Susan stating: "Once again you have proved to be a shining star. Thanks for your help yesterday. I was able to renew both of the locations."
CONGRATULATIONS AND GREAT JOB TO OUR CUSTOMER SERVICE STAR!!

Department Contact Information
NAME Teresa Koeppel, Administrative Examiner (Check Sellers/Money Transmitters, MSB Exams)
Susan Nelson, Applications Analyst (Check Cashers)

E-MAIL ADDRESS tkoeppel@dbf.state.ga.us

PHONE# (770) 986-1639

nelson@dbf.state.ga.us

(770) 986-1652

Corresponding with the Department
When corresponding with the Department, e-mail communication is preferred. Providing written details in the email regarding any questions or concerns you may have allows the Department to forward the request to the appropriate person who handles that area, and if sufficient details are included in the request, that person can then more efficiently provide you with an answer. The main Division e-mail address is msb@dbf.state.ga.us.
Since the Department's main method of communicating with licensees/registrants is via e-mail, it is very important that you supply the Department with a valid e-mail address and that you keep us informed if your email address changes. Please be sure that your e-mail account does not divert Department e-mail to your spam or junk folder.

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Georgia Department of Banking and Finance
2990 Brandywine Road Suite 200
Atlanta, Georgia 30341-5565
Phone: (770) 986-1633 Fax: (770) 986-1655 or 1029 Email: msb@dbf.state.ga.us
We're on the Web! dbf.georgia.gov

3rd Quarter 2013
The Department is the state agency that regulates and examines banks, credit unions, and trust companies chartered by the State. The Department also has regulatory and/or licensing authority over mortgage brokers/processors, lenders and loan originators, money service businesses, internaonal banking organizaons, and bank holding companies
conducng business in Georgia.
Our MISSION is to promote safe, sound, compeve financial services in Georgia through innovave, responsive regulaon and supervision.
Our VISION is to be the best financial services industry regulator in the country Progressive. Proacve. Service-Oriented.

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This quarterly publication is delivered to interested parties via e-mail and is also available from the Department's website at: http://dbf.georgia.gov under Publications, MSB Newsletter. If you would like to be added to our distribution list, send an email to dbfpress@dbf.state.ga.us stating your name and e-mail address. Please be sure to include "Subscribe to MSB Newsletter" in the Subject line.