Attorney General Alan Wilson Announces the Creation of the Money Services Division

Staff Report From South Carolina CEO

Tuesday, May 15th, 2018

South Carolina Attorney General Alan Wilson has announced the creation of the Money Services Division of the Attorney General’s Office.  The recently enacted South Carolina Anti-Money Laundering Act names the Attorney General as Commissioner over money transmitters and currency exchange businesses in this state.

Starting Monday, May 14, the Money Services Division will begin accepting applications for licenses to conduct money transmission and currency exchange services in South Carolina.  Applications will be required to be made using the Nationwide Multistate Licensing System.

“The licensing and review process will protect the interests of South Carolinians by assessing the soundness of the overall financial condition of money services businesses and ensuring that the businesses have procedures in place to properly monitor transactions to deter money laundering or financial crimes from occurring,” Attorney General Wilson said.

The law also provides new tools for prosecutors and law enforcement to combat financial crimes, and the finances of illegal criminal organizations, by creating a general crime of money laundering applicable to all unlawful activity, as well as granting the State Grand Jury jurisdiction to investigate violations.

The South Carolina Anti-Money Laundering Act was signed by Governor Nikki Haley on June 9, 2016.  The act provides that it will take effect upon the publication of final regulations in the State Register.  The regulations are to be published in the State Register on May 25, 2018, at which time the law will go into effect.