A new branch of the attorney general’s office, the Money Services Division, was introduced May 14 to help oversee money transmitters and currency exchange businesses in the state.
Attorney General Alan Wilson explained the need for the new division in a press release.
“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,” Wilson said.
The division is the result of the South Carolina Anti-Money Laundering Act, signed by former Gov. Nikki Haley.
The law also provides tools for prosecutors to fight financial crimes and the finances of criminal organizations by creating a general crime of money laundering and granting the state jurisdiction to investigate violations.