DFS Transitions to Multistate Licensing System for Money Transmitters
Starting July 1, the New York State Department of Financial Services transitions to the Nationwide Multistate Licensing System and Registry for money transmitting companies, such as Western Union.
June 30, 2017 at 07:21 PM
2 minute read
The New York State Department of Financial Services has started using the Nationwide Multistate Licensing System and Registry for money transmitting companies, such as Western Union.
Under the transition, which began July 1, the department will manage the license application and regulate all nondepository financial institutions that are doing business in New York through NMLS, a web-based system created by the Conference of State Bank Supervisors in January 2008 that allows nondepository companies in financial sectors to apply or update their licences online.
State agencies that participate in the online program will use a single set of applications, rather than a mix of several applications.
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