Money Services Businesses
A money services business that conducts currency exchange or money transmission activities as defined by Chapter 152 of the Texas Finance Code must be licensed by the Department. However, a licensed money service business (MSB) may appoint authorized delegates to conduct money transmission on its behalf that are not individually licensed by the Department. The Department is responsible to protect the interests of Texas consumers who use MSBs by ensuring the overall financial condition of the MSB is sound and the MSB is properly monitoring transactions to deter money laundering, terrorist funding, or financial crimes from occurring.
Getting Started in Money Services Businesses (MSB)
Forms for Money Services Businesses
Includes forms specific to money services businesses, includes all types plus miscellaneous.
Notice to Applicants
Your starting place if you are new to money services businesses. A brief introduction to fees, applications, and next steps.
Summary of Application Requirements
A quick overview comparing Money Transmission and Currency Exchange licensing requirements.
Resources for Money Services Businesses
FAQ
Includes instructions on obtaining a determination that your business activity does not constitute money transmission.
MSB Enforcement Orders
Chapters 151 of the Finance Code empower the banking commissioner of Texas to issue certain enforcement orders
Financial Crimes Enforcement Network
Resources on Money Services Businesses from the US Department of the Treasury.
Cybersecurity Incident Report
Requirements for a Cybersecurity Incident Report filed by a Money Services Business
Ransomware Self-Assessment Tool (R-SAT)
Ransomware has become one of the most visible cyber threat to our nation’s networks. Due to advancements in ransomware and its potentially devastating consequences, nonbank financial service providers should review and update its security controls. The R-SAT is a brief questionnaire that walks you through key measures to protect your business and can assist management and your Board (as applicable) in evaluating preparedness. Ransomware preparedness will help to minimize the risk of total loss of records.
Departmental Cyber Notices
- Notice 2020-15: Self-Assessment Tool for Mitigating the Risks of Ransomware for Nonbank Financial Service Businesses – MSB
- Notice 2020-02: Requirements for a Cybersecurity Incident Report filed by a Money Services Business
Regulations Governing Money Services Businesses
The Law & Guidance Manual includes select statutes, rules, legal opinions, supervisory memorandums, and regulatory guidance applicable to money services businesses.
Communication with the Department
ZIX Secure Message Center
To send/retrieve secure messages to/from the Department. First time users should review the ZIX Instructions before beginning.
File a Complaint
How to file a complaint against a money services businesses.
Ombudsman
Boards of directors or executives of money services businesses can file a request for reconsideration of examination finding (REF).