Money transmitters in Indiana

Who needs this in Indiana

A business that receives money or monetary value from Indiana customers and transmits it to another person, sells payment instruments, or holds customer funds for later payment generally needs a money-transmitter license from Indiana Department of Financial Institutions. Agent-of-payee and payment-processor exemptions are statutory and fact-specific.

Where to file

File the Indiana money-transmitter license on NMLS with DFI. FinCEN MSB registration is a separate federal filing and never replaces the Indiana 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
• NMLS Resource Center