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ARTICLE · 06 MARCH 2025

Exam Time: Understanding Exam Ratings

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It is inevitable that your Money Service Business (MSB) will eventually receive a much-anticipated (or in some instances, much-dreaded) Exam Engagement letter from one or more states.

United StatesFinance and Banking
Ankura Consulting Group LLC
Ankura Consulting Group LLC

It is inevitable that your Money Service Business (MSB) will eventually receive a much-anticipated (or in some instances, much-dreaded) Exam Engagement letter from one or more states. MSBs licensed in 40 or more states meet the eligibility for a coordinated multi-state exam, a program that enables multiple states to coordinate their examination efforts, aimed at reducing the administrative burden on the licensee. With a large multi-state exam, licensees typically receive notification at least two months prior to the commencement of the multi-state coordinated exam.

These examinations can encompass a wide breadth of business areas, including (but not limited to):

  • Changes in ownership, control parties, and executive management

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