Specialty Certification

Objectives of the Certified Application Specialist – MSB Program: 

• To achieve recognition of the knowledge, skills, and abilities required to support the review and administration of Money Services Business licensing applications.

• To promote consistent, accurate, and professional MSB licensing practices across state agencies.

• To enhance and maintain the quality of job performance of staff engaged in MSB licensing review and processing.

Candidates for the CAS MSB Licensing designation must provide evidence of the following:

• Completion of a minimum of two (2) years of on-the-job experience related to processing and reviewing MSB licensing applications.
• Satisfactory completion of the following training or equivalent:
  • MTRA Licensing School (full program, not conference track)
  • AND Basic Financial Accounting trainings in FLEX as follows (or equivalent):
    • Financial Accounting: Accounting Basics
    • Financial Accounting: The Income Statement and Balance Sheet
    • Financial Accounting: Accounting Basics
    • Financial Accounting: The Income Statement and Balance Sheet
  • AND CHRI (Criminal History Record Information) Training as applicable

Applicants must ensure that they meet all certification requirements and will then complete an attestation of successful job performance and mastery of job-related skills, providing a thorough written response for each competency category. Their supervisor will then review and affirm the attestation to ensure accuracy and completeness. The core competencies are an integral part of the certification, and a high degree of reliance is placed on the attestation for determining compliance with these skill areas. The supervisor reviewing the application form should be familiar with the applicant’s experience, performance, and skills/abilities and be confident that the applicant meets all the requirements outlined in the form.

The attestation form addresses the following categories:

TECHNICAL - Provides effective organization to the application review process:

• Effectively reviews and processes licensing applications efficiently and in accordance with applicable timelines
• Ensures receipt of all pre-licensure documentation and manages deficiencies appropriately
• Demonstrates proficiency in the Nationwide Multistate Licensing System (NMLS) as applicable, including:
  • Application review and data entry best practices
  • Use of reporting tools to monitor licensing activity
• Conducts initial and renewal application reviews, including:
  • Compliance with state licensing requirements
  • Reviews background/credit checks, if applicable
  • Identification of deficiencies and documentation gaps
  • Evaluation of financial responsibility and background information
  • Verification of business structures and control persons
• Assesses risk in licensing applications based on enforcement history, financial soundness, and other risk factors

CONCEPTUAL  – Applies sound judgment and understanding of licensing frameworks:

• Follows established procedures for collecting and analyzing licensing data
• Draws accurate conclusions from data reviewed
• Demonstrates knowledge of:
  • State financial regulatory purposes
  • Roles and license types of financial services providers
  • The importance of licensing for consumer protection and market integrity
• Stays informed on:
  • Emerging industry risks (e.g., fraud, cybersecurity threats)
  • Regulatory developments and best practices
  • Opportunities for uniformity and process improvement across states.

LEGAL/COMPLIANCE – Applies relevant laws and regulations in licensing decisions:

• Demonstrates understanding of state and federal legal requirements
• Effectively communicates application deficiencies and recommended corrective actions
• Evaluates the impact of federal regulations on licensing, as applicable
• Ensures that policies in place meet required standards.

COMMUNICATIONS – Communicates effectively with stakeholders:

• Communicates clearly and professionally with applicants and internal staff
• Prepares written communications that are logical, concise, and grammatically correct
• Provides accurate information and guidance to the public regarding licensing processes.

Recertification

Every three years, participants will be required to provide evidence of the successful completion of a minimum of 40 continuing education hours (CEH). If a participant exceeds this requirement, up to 14 CEHs may be carried over into the new three-year term. Continuing education should be selected with the goal of maintaining, improving, or expanding the participant’s knowledge, skills, and abilities. Participants are also required to review and remain in compliance with updates to certifications. Should a material change related to the certification occur, additional training may be required to maintain certification.