Money Transmitter
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).
News
The Department continues to work collaboratively with federal regulators, other states financial regulators, and other Commonwealth agencies to address cybersecurity challenges.
04/20/2024 Virtual Currency—Statement of Policy
On April 20, 2024, the Pennsylvania Secretary of Banking and Securities issued a statement of policy regarding virtual currency.
11/13/2017 Secretary's Letter on Cybersecurity (PDF)
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
On September 29, 2015, the Pennsylvania Secretary of Banking and Securities 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]).
Cybersecurity Update
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.
NMLS
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.
Licensees should direct those who inquire about its license status to the NMLS Consumer Access website at www.nmlsconsumeraccess.org.