Recognizing the success of the remote work model for companies, the division has authorized ongoing remote work from non-licensed locations.
7/13/2021 10:00
Licensees with the Massachusetts Division of Banks (DOB) have the option for personnel to continue to work remotely from non-licensed locations. The guidance, updated July 12, remains in effect unless modified or withdrawn by the DOB.
The DOB authorized remote work for licensees during the COVID-19 pandemic in March 2020.
Licensees’ remote work programs must meet the DOB’s conditions and restrictions issued in the July 12 updated guidance:
- The licensee or registrant shall not advertise or otherwise hold the unlicensed location out to the public as a place of business;
- The individual working remotely may only engage in activities that may be accomplished safely and in compliance with all applicable laws, regulations, and division guidance;
- The individual is strictly prohibited from conducting any in-person customer interactions at the remote location;
- The licensee or registrant must have established security protocols in place to permit staff working remotely to securely access systems through a virtual privacy network or other secure system;
- The licensee or registrant must have policies and procedures in place to safeguard company and customer data, information, and records, whether in paper or electronic format, and to protect against unauthorized or accidental access, use, modification, duplication, destruction, or disclosure of such confidential information;
- Sensitive customer information will be protected consistent with appropriate cybersecurity protocols and best practices;
- Licensees and registrants must ensure adequate supervision of personnel working remotely, consistent with established policies and procedures and best practices. Information regarding the specific activities conducted by personnel via telework/remote work will be maintained by the licensee or registrant and available upon request by the division; and
- Licensees and registrants with personnel working remotely must continue to comply with all applicable statutes, regulations, and division guidance, including but not limited to, 209 CMR 48.00: Licensee Record Keeping.
The DOB notes that where the above criteria are satisfied, the remote work locations would not be deemed to be business locations for the purposes of the relevant statutory branch licensing and office location notification requirements.
In the situation where the licensed/registered activity is conducted entirely by personnel operating remotely, the main business address of the entity would be the only location associated with the entity’s Massachusetts license or registration in the Nationwide Multi-State Licensing System and Registry, according to the DOB.
For more information on how the ACA licensing staff can assist with your licensing application completion needs, please contact us at [email protected] or call (952) 926-6547.