SC attorney general's office starts money transmission, currency exchange oversight
CHARLESTON, S.C. (WCIV) - South Carolina’s attorney general, Alan Wilson, has announced the creation of the Money Services Division of the Attorney General’s Office.
State officials say Wilson was named commissioner over money transmitters and currency exchange businesses throughout the state.
“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,” Wilson said.
According to Wilson, the law also provides new tools for prosecutors and law enforcement to fight financial crimes and the finances of illegal criminal organizations.
The Money Services Division has begun accepting applications for licenses to conduct money transmission and currency exchange services in South Carolina.