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Yesterday, the Office of the South Carolina Attorney General issued a press release announcing that it has created a Money Services Division within the AG’s office and that, effective May 14, the Division is accepting applications for licensure under South Carolina’s money transmission law.

South Carolina’s Money Transmission Law Comes into Effect

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Yesterday, the Office of the South Carolina Attorney General issued a press release announcing that it has created a Money Services Division within the AG’s office and that, effective May 14, the Division is accepting applications for licensure under South Carolina’s money transmission law. This law, officially known as the South Carolina Anti-Money Laundering Act, will formally take effect on May 25, the date the regulations promulgated to implement the Act are scheduled to be published in final form in the State Register. This will occur nearly two years after the Act’s passage on June 9, 2016.Read our <a href="https://media2.mofo.com/v3/assets/blt5775cc69c999c255/bltb13c944acc3f2d37/6273ec7523c6cf2a1c3b0d74/180515-south-carolina-money-transmission.pdf">client alert</a>.