Money transmitters in South Carolina

Who needs this in South Carolina

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

Where to file

File the South Carolina money-transmitter license through the Board of Financial Institutions / NMLS. FinCEN MSB registration is a separate federal filing and never replaces the South Carolina 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