Money transmitters in California

Who needs this in California

A person that sells or issues payment instruments, stored value, or receives money for transmission in California generally needs a Money Transmission Act license from DFPI. Digital-asset activity can still be transmission if customer value is received and transmitted.

Where to file

Request the California money-transmitter license on NMLS. FinCEN MSB registration is required in parallel and does not substitute for the DFPI license.

Federal overlay

FinCEN MSB registration and the Bank Secrecy Act are federal duties. They never substitute for a required state money-transmitter license. Unlicensed money transmission can also be a federal crime under 18 U.S.C. § 1960.

Sources

• NMLS / CSBS state agency contacts
• FinCEN MSB registration
• DFPI money transmitters