A money transmitter is a person or business entity that transmits money by means of a transmittal instrument for a fee or other consideration. Also known as a Money Services Business (MSB).
The Department continues to work collaboratively with federal regulators, other states financial regulators, and other Commonwealth agencies to address cybersecurity challenges.
Money Transmitter Acts
The Money Transmitter Act (Act 129) became effective on January 2, 2017. Act 129 (PDF)
Federal Government Principles on Responding to Cyber Incidents
A Presidential Policy Directive (PPD-41) released on July 26, 2016, sets forth principles governing the federal government’s response to any cyber incident, whether involving government or private sector entities. For significant cyber incidents, PPD-41 also establishes lead federal agencies and an architecture for coordinating the broader federal government response. Learn more: http://bit.ly/2aeAUtZ.
Advisory to Nonprofit and Religious Communities About Unlicensed Money Transmitters
Secretary of Banking and Securities Robin L. Wiessmann today issued an advisory to Pennsylvania’s nonprofit and religious communities about the possible risks to their organizations, members, and stakeholders through the use of unlicensed electronic payment service companies for the purpose of collecting charitable donations. Secretary’s letter [PDF]).
The Federal Financial Institutions Examination Council (FFIEC) members have issued a revised Management booklet, which is part of the FFIEC Information Technology Examination Handbook (IT Handbook). The IT Handbook is available here.
The Department of Banking and Securities uses NMLS to manage money transmitters licensees. Through NMLS, your company will be able to apply for, amend and renew your license/registration authority conveniently and safely online. In order to use NMLS, current licensees must enter their company information onto NMLS by creating a base record and obtaining a unique company identifier.
Licensees should direct those who inquire about its license status to the NMLS Consumer Access website at www.nmlsconsumeraccess.org.