MSB License Regulation in South Carolina
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Regulator of MSB license in South Carolina
Nationwide Mortgage Licensing System
Documents required for application:
- Legal name and addresses of the applicant
- List of criminal convictions or material litigation in the past 10 years
- Description of previous money services provided
- List of proposed authorized delegates and their South Carolina locations
- List of other states where the applicant is licensed
- Information on bankruptcy or receivership proceedings
- Sample contract for authorized delegates
- Sample form of payment instrument
- Name and address of bank handling payment instruments
- Description of money and credit sources
- Any additional information requested by the commissioner
Cost Involved
- Application fee: $1,500
- License fee: $750
- General bonding requirements: $50,000 + $10,000 for each location (up to $250,000 maximum)
Process of application
- Register your money services business with FinCEN.
- Create an account on the Nationwide Multistate Licensing System (NMLS) website.
- Familiarize yourself with the requirements outlined by both the NMLS website and South Carolina’s Office of the Attorney General.
- Gather all necessary documents as per the requirements.
- Pay the application and license fees.
- Submit your application electronically through the NMLS website.
- Await processing, which typically takes approximately five to six months.
- Upon approval, fulfill any remaining requirements.
- Receive your Money Transmitter License for South Carolina.
Money Services Businesses (MSBs) in South Carolina are regulated by the South Carolina Office of the Attorney General. Here are the key regulations and requirements for MSBs operating in South Carolina:
Licensing: MSBs operating in South Carolina are required to obtain a license from the South Carolina Office of the Attorney General. The application process typically involves submitting detailed information about the business, its owners, and its financials.
Surety Bond: South Carolina may require MSBs to post a surety bond as part of the licensing process. The bond amount varies depending on the type and volume of transactions conducted by the MSB.
Compliance: MSBs must comply with all relevant federal regulations, including the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regulations. This includes implementing robust compliance programs, conducting customer due diligence (CDD), and reporting suspicious activities.
Reporting: MSBs operating in South Carolina are required to report certain transactions to regulatory authorities, such as large cash transactions or suspicious activities that may indicate money laundering or other illegal activities.
Fees: There are typically fees associated with applying for and maintaining an MSB license in South Carolina. These fees can vary depending on the size and nature of the MSB’s operations.
Renewal: MSB licenses in South Carolina typically need to be renewed periodically. The renewal process may involve submitting updated documentation and paying renewal fees.
Additional Requirements: South Carolina may have additional requirements for MSBs, such as maintaining certain minimum net worth or capital requirements.
