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Information and Resources for Money Transmitters

As stated in Section 641(1) of the Banking Law, No person shall engage in the business of selling or issuing checks, or engage in the business of receiving money for transmission or transmitting the same, without a license therefor obtained from the superintendent as provided in this article, nor shall any person engage in such business as an agent, except as an agent of a licensee or as agent of a payee….”

For Money Transmitter licensing requirements see Article 13-B of the Banking Law (Sections 640 to 652-b), and Superintendent's Regulations Parts 406, 416, 417 and 300.

Announcements

On July 1, 2017, the New York State Department of Financial Services (DFS) transitioned to the Nationwide Multistate Licensing System and Registry (NMLS) to manage the license application and ongoing regulation of nondepository financial institutions doing business in New York.  NMLS was created by the Conference of State Bank Supervisors (CSBS) and began operations in January 2008. DFS strongly supports CSBS efforts such as Vision 2020 and currently employs NMLS to manage and regulate mortgage providers licensed in New York.  This usage will be expanded, in stages, to all nondepository institutions, commencing with money transmitters.

Along with the transition of DFS Money Transmitter Licenses to NMLS, DFS utilizes the NMLS Uniform Authorized Agent Reporting (UAAR) functionality to fulfill agent reporting requirements.

Applications

Annual Reports

Examination and Annual Assessment Information

Institutions We Supervise

The Department of Financial Services supervises many different types of institutions. Supervision by DFS may entail chartering, licensing, registration requirements, examination, etc. The Who We Supervise search application can help you find out whether an institution is regulated and/or licensed by DFS, and what additional locations or branches they may have.

Updated 07/13/2017

 

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