Money Services FAQs
Document text
Research, not advice. Part of the Bitcoin research archive (October 2026). Claims labelled unverified, contested or fringe are reported, not endorsed; statuses of bills and rules are as of the date checked. Government, court and patent records are public domain; the research notes are CC BY 4.0.
Money Services FAQs - South Carolina Attorney General
Call Us
Toggle Navbar
Search
Search SCAG.gov
Search
About the Office
Toggle Sub-Menu
Our Responsibilities
Meet the Attorney General
Careers
Transparency
Contact Us
News
History of the Office
Crime Victim Services
Toggle Sub-Menu
Victims' Rights
Address Confidentiality Program (ACP)
Department of Crime Victim Assistance Grants
Department of Crime Victim Compensation
Department of Crime Victim Ombudsman
Department of Crime Victim Services Training, Provider Certification, and Statistical Analysis
Victim Services Coordinating Council
Quick Links
Toggle Sub-Menu
Contact Us
FAQ
Careers
Law Clerk Application
Internship Application
Tobacco Directory
Litigation Retention Agreements
Opinions
Meet the Attorney General
News
Post Conviction Relief
Age-Appropriate Code Design
Inside the Office
Toggle Sub-Menu
Legal Services Division
Toggle Sub-Menu
Securities
Registration
Investor Education & Outreach
Enforcement
Money Services
Money Services Enforcement
Tobacco
Civil Litigation
Consumer Protection & Antitrust
Nonprofit Dissolution
Criminal Division
Toggle Sub-Menu
Post Adjudication
Capital & Collateral Litigation
Criminal Appeals
Post Conviction Relief
Sexually Violent Predator
General Prosecution
Securities/White Collar
Insurance Fraud Division
Solicitor Referrals
Internet Crimes Against Children
Unauthorized Practice of Law
Special Prosecution
Medicaid Recipient Fraud
Vulnerable Adults and Medicaid Provider Fraud (VAMPF)
Law Enforcement Issues
Human Trafficking
Special Victims Prosecution
Violence Against Women Act (VAWA)
State Grand Jury Prosecution
Sex Offenders Registry
Crime Victim Services Division
Toggle Sub-Menu
Crime Victim Assistance Grants
Crime Victims Grants Help Desk
Address Confidentiality Program (ACP)
Crime Victim Compensation
Crime Victim Ombudsman
Crime Victim Services Training, Provider Certification and Statistical Analysis
Apply/Submit
Basic Core Trainings
Training Calendar
Contact Us
More Information
Resources
CVST-Approved Trainings
Victim Services Coordinating Council
Victim Advocacy Division
Administration Division
State Grand Jury
Clerk’s Office
Executive Division
Opinions
Internet Crimes Against Children
Human Trafficking
Toggle Sub-Menu
About
Awareness & Prevention Education
Calendar
Training
Victim/Survivor Services
Contacts
Join Now
Events
Toggle Sub-Menu
June Task Force Meeting
December Task Force Meeting
September Task Force Meeting
Data & Reports
SC Highway Heroes
How Do I...
Toggle Sub-Menu
File a Complaint
Toggle Sub-Menu
Price Gouging
Securities Division Complaint Form
Submit an SC811 Complaint
General Information
Toggle Sub-Menu
Crime Victim Compensation FAQs
Money Services FAQs
Securities FAQs
Submit a FOIA Request
Request a Speaker
VAWA Speaking Engagement Request Form
Request an ICAC Presentation
Request a SC Human Trafficking Task Force Speaker
Find an Opinion
Related Links
Toggle Sub-Menu
SLED Victim/Witness Program
SC Department of Corrections
Price Gouging
Contact Us
News
FAQs
Call Us
General Information
1-803-734-3970
Constituent Services
1-803-737-3953
Victim Advocacy
1-800-213-5652
Sexually Violent Predator
1-803-734-3243
Securities
1-803-734-9916
Money Services
1-803-734-1221
National Human Trafficking Hotline
1-888-373-7888
Insurance Fraud Hotline
1-888-95-FRAUD
Medicaid Fraud Toll Free Hotline
1-803-734-3660
Missing and Exploited Children
1-800-32-CHILD
SC Department of Corrections
1-803-896-8531
SC Law Enforcement Division (SLED) Victim/Witness Program
1-803-737-9000
National Domestic Violence Hotline
1-800-799-7233
National Sexual Assault Hotline
1-800-656-4673
About the Office
Our Responsibilities
Meet the Attorney General
Careers
Transparency
Contact Us
News
History of the Office
Crime Victim Services
Victims' Rights
Address Confidentiality Program (ACP)
Department of Crime Victim Assistance Grants
Department of Crime Victim Compensation
Department of Crime Victim Ombudsman
Department of Crime Victim Services Training, Provider Certification, and Statistical Analysis
Victim Services Coordinating Council
Quick Links
Contact Us
FAQ
Careers
Law Clerk Application
Internship Application
Tobacco Directory
Litigation Retention Agreements
Opinions
Meet the Attorney General
News
Post Conviction Relief
Age-Appropriate Code Design
Inside the Office
Legal Services Division
Securities
Registration
Investor Education & Outreach
Enforcement
Money Services
Money Services Enforcement
Tobacco
Civil Litigation
Consumer Protection & Antitrust
Nonprofit Dissolution
Criminal Division
Post Adjudication
Capital & Collateral Litigation
Criminal Appeals
Post Conviction Relief
Sexually Violent Predator
General Prosecution
Securities/White Collar
Insurance Fraud Division
Solicitor Referrals
Internet Crimes Against Children
Unauthorized Practice of Law
Special Prosecution
Medicaid Recipient Fraud
Vulnerable Adults and Medicaid Provider Fraud (VAMPF)
Law Enforcement Issues
Human Trafficking
Special Victims Prosecution
Violence Against Women Act (VAWA)
State Grand Jury Prosecution
Sex Offenders Registry
Crime Victim Services Division
Crime Victim Assistance Grants
Crime Victims Grants Help Desk
Address Confidentiality Program (ACP)
Crime Victim Compensation
Crime Victim Ombudsman
Crime Victim Services Training, Provider Certification and Statistical Analysis
Apply/Submit
Basic Core Trainings
Training Calendar
Contact Us
More Information
Resources
CVST-Approved Trainings
Victim Services Coordinating Council
Victim Advocacy Division
Administration Division
State Grand Jury
Clerk’s Office
Executive Division
Opinions
Internet Crimes Against Children
Human Trafficking
About
Awareness & Prevention Education
Calendar
Training
Victim/Survivor Services
Contacts
Join Now
Events
June Task Force Meeting
December Task Force Meeting
September Task Force Meeting
Data & Reports
SC Highway Heroes
How Do I...
File a Complaint
Price Gouging
Securities Division Complaint Form
Submit an SC811 Complaint
General Information
Crime Victim Compensation FAQs
Money Services FAQs
Securities FAQs
Submit a FOIA Request
Request a Speaker
VAWA Speaking Engagement Request Form
Request an ICAC Presentation
Request a SC Human Trafficking Task Force Speaker
Find an Opinion
Related Links
SLED Victim/Witness Program
SC Department of Corrections
Price Gouging
Search
Enter Search Term
Submit
Inside the Office
>
Legal Services Division
>
Money Services
Money Services FAQs
The South Carolina Office of the Attorney General, Money Services Division, licenses and regulates money transmitters and currency exchange institutions within the State pursuant to the South Carolina Uniform Money Services Act, S.C. Code Ann. § 35-11-100 et seq. (the “Act”). Answers to many of your questions and concerns may be found in this section. Please use any of the links for additional assistance. If you still need assistance, please call our office at (803) 734-1221 or email [email protected] and we will be happy to assist you.
Request for written interpretations regarding the Act, the regulations, or any other order issued thereunder, must be submitted in writing, as described in S.C. Code Regs. § 13-2801.
What type of licenses does South Carolina Money Services Division offer for Money Service Businesses?
The Money Services Division issues two different license types for money service businesses:
Money Transmitter License: This license is required for any company or person engaging in the business of money transmission or advertising, soliciting, or holding itself out as providing money transmission. Money transmission means selling or issuing payment instruments or stored value, or receiving money or monetary value for transmission. Money transmission does not include the provision solely of delivery, online, or telecommunications services or network access.
Currency Exchange License: This license is required for any company or person engaging in the business of currency exchange or advertising, soliciting, or holding itself out as providing currency exchange for which the person receives revenues equal to or greater than five percent of total revenues. Currency exchange means receipt of revenues from the exchange of money of one government for money of another government.
Check Casher Licenses are issued by the South Carolina Board of Financial Institutions/Consumer Finance Division.
What are the requirements to become licensed in South Carolina?
Money service businesses are required to complete a license application through the Nationwide Multi-State Licensing system (“NMLS”). Requirements for each specific license type are provided in the License & Registration section of the NMLS.
Is the transmission of virtual currency regulated under the Act?
The Money Services Division views virtual currencies as lacking the characteristics necessary to be a medium of exchange. Therefore, it is the view of the Division that virtual currencies alone do not qualify as monetary value. However, to the extent that virtual currency transactions also involve the transfer of fiat currency, they may be subject to money transmission regulation under the Act. For more information, see the Division’s December 5, 2018 interpretation.pdf
For situations in which an automated machine, or ATM, is involved with the transfer of virtual currency, please see Order MSD-19003 (pdf) to assist in determining if a license would be required in South Carolina.
I want to offer wire transmission services as an agent of another company licensed as a money transmitter in South Carolina, such as Western Union. Do I need a Money Transmitter License from the Money Services Division?
No. You will be considered an authorized delegate (agent) of the license holder. As an authorized delegate of a license holder, such as Western Union, you do not need a license from the Division for the activities covered by the authorized delegate agreement. The license holder is responsible for reporting all of its active authorized delegates to the Money Services Division on a quarterly basis.
However, if you are also offering other Division-regulated money services business activities not covered in your authorized delegate agreement with the license holder, you would need a license from the Division. For example, if in addition to being a Western Union agent you also offer currency exchange services on your own, you may also need a Currency Exchange License from the Money Services Division.
Are Money Service Businesses required to have a surety bond?
The amount of the required security must be the greater of $100,000 or an amount equal to one hundred percent (100%) of the licensee's average daily money transmission liability in this state calculated for the most recently completed calendar quarter, up to a maximum of five hundred thousand dollars ($500,000). The security can be in the form of a surety bond, letter of credit or other similar security in a form acceptable to the Commissioner.
See Section 35-11-215 for additional information about the required security.
Security is not required for currency exchange licenses.
What recent federal regulations impact my application?
Applicants must demonstrate compliance with Title 31 CFR Chapter X link to: https://www.fincen.gov/resources/statutes-regulations/chapter-x regarding anti-money laundering programs and the registration of money service businesses. See FINCEN. https://www.fincen.gov/
How do I verify that my business is licensed as a money service business in South Carolina?
To verify a money service business license, please refer to the NMLS Consumer Access Portal. https://www.nmlsconsumeraccess.org/
I have recently been approved for a money service business license; when will I receive a license certificate and license number?
The Money Services Division does not issue license certificates or license numbers for money service businesses. The NMLS ID number assigned to your business will be the South Carolina license identifying number.
Are there any quarterly reporting requirements for money service businesses?
Yes. Within 45 days after the quarter has ended, the Money Services Division requires that each money transmitter licensee file the Money Services Call Report through the NMLS.
The Money Services Division also requires the money transmitter and currency exchange license holders to report all authorized delegate adjustments (additions, deletions, and modifications) within 45 days after the end of each quarter. The reports must be submitted through the Uniform Authorized Agent Reporting (UAAR) functionality in the NMLS system.
How do I request an interpretive order from the Commissioner regarding the SCUMSA?
Requests for written interpretations shall be in writing. The request must state or contain:
(1) the specific section or subsection of the particular statute, regulation, or order to which the request pertains;
(2) the names of each person and entity involved in the underlying facts;
(3) a description of the particular situation at hand. Requests must not attempt to include every possible type of situation that may arise in the future. The facts and representations must be specific, not general, and contain all relevant facts;
(4) an indication as to why the requesting party thinks a problem exists, the requesting party’s opinion on the matter, and the basis of the opinion, to include any relevant legal analysis; and
(5) if the requesting party seeks confidential treatment, a specific request for confidential treatment and the basis for confidential treatment must be submitted with the request.
The Commissioner, in his discretion, may decline to issue orders when the requests do not meet the requirements listed above, or when there is deemed to be sufficient guidance existing on the issue at hand.
Get in Touch
You can contact the Money Services Division licensing staff to answer any questions or concerns. Please include your NMLS ID in all correspondence.
Contact Us
facebook
twitter
linkedin
youtube
Mailing Address
The Honorable Alan Wilson
P.O. Box 11549
Columbia, S.C. 29211
Office Address
Rembert Dennis
1000 Assembly Street, Room 519
Columbia, S.C. 29201
Useful Links
Freedom of Information Act (FOIA)
History of the Office
Quick Links
Contact Us
FAQs
Careers
Law Clerk Application
Internship Application
Tobacco
Litigation Retention Agreements
Opinions
Meet the Attorney General
News
Post Conviction Relief
Legal
Accessibility
Privacy Policy
Terms of Use
Notice Under the Americans with Disabilities Act
© 2026 South Carolina Attorney General's Office • Website by 37 Gears