South Carolina Is the Latest State to Implement Money Transmitter Licensing Laws and Regulations
By Eric A. Love and Judith E. Rinearson
On May 25, 2018, South Carolina’s money transmitter licensing law, the South Carolina Anti-Money Laundering Act, and its implementing regulations (collectively, the “Act”) became effective.
This means that the newly established Money Services Division (the “Division”) within the SC Attorney General’s Office is now accepting applications for licensure to engage in money transmission and currency exchange in that state. Entities that were engaging in such activities in South Carolina as of May 25 had until June 29, 2018 to submit an application. After submission, such entities were able to continue operating while their applications were being reviewed.