Licensing of MSBs in South Carolina through the NMLS

Licensing of MSBs in South Carolina through the NMLS

Licensing of MSBs in South Carolina through the NMLS

COLUMBIA, S.C. – May 14, 2018: South Carolina Attorney General Alan Wilson announced the creation of the Money Services Division of the Attorney General’s Office. The recently enacted South Carolina Anti-Money Laundering Act names the Attorney General as Commissioner over money transmitters and currency exchange businesses in this state.

Starting Monday, May 14, 2018, the Money Services Division will begin accepting applications for licenses to conduct money transmission and currency exchange services in South Carolina. Applications will be required to be made using the Nationwide Multistate Licensing System.

“The licensing and review process will protect the interests of South Carolinians by assessing the soundness of the overall financial condition of money services businesses and ensuring that the businesses have procedures in place to properly monitor transactions to deter money laundering or financial crimes from occurring,” Attorney General Wilson said.

Read the full press release and for more information on the requirements for licensing, visit the Attorney General’s Office website, or contact the Money Services Division at (803)734-1221.

Close