South Carolina Code of Regulations
Chapter 13 - ATTORNEY GENERAL
Article 4 - MONEY SERVICES
Subarticle 1 - GENERAL PROVISIONS
Section 13-2101 - Definitions

Universal Citation: SC Code Regs 13-2101

Current through Register Vol. 48, No. 9, September 27, 2024

When the terms listed below are used in this Article, or in order to assist in interpreting and complying with the South Carolina Anti-Money Laundering Act, the following definitions shall apply, unless a contrary definition is expressly provided or clearly required by the context, to the extent that they do not conflict with the definitions set forth in the Act:

A. Act. The term "Act" means the South Carolina Anti-Money Laundering Act, Section 35-11-100 et seq., as the same may be codified and amended from time to time.

B. Audited financial statement. The term "audited financial statement" means a financial statement prepared in accordance with generally accepted accounting principles and audited by an independent certified public accountant according to generally accepted auditing standards in the United States.

C. Currency Exchange. The term "Currency Exchange" means receipt of revenues from the exchange of money of one government for money of another government, or holding oneself out as able to exchange the money of one government for money of another government. The following do not fall under the definition of currency exchange:

(1) affiliated businesses that engage in currency exchange for a business purpose other than currency exchange;

(2) a person who provides currency exchange services for a person acting primarily for a business, commercial, agricultural, or investment purpose when the currency exchange is incidental to the transaction;

(3) a person who deals in coins or a person who deals in money whose value is primarily determined because it is rare, old, or collectible; and

(4) a person who in the regular course of business chooses to accept from a customer the currency of a country other than the United States in order to complete the sale of a good or service other than currency exchange, that may include cash back to the customer, and does not otherwise trade in currencies or transmit money for compensation or gain.

D. Net Worth. For the purposes of Section 35-11-230, "net worth" shall be determined as tangible net worth, the physical net worth of a licensee calculated by taking a licensee's assets and subtracting its liabilities and its intangible assets, such as copyrights, patents, intellectual property, and goodwill.

E. NMLS. The term "NMLS" means the Nationwide Multistate Licensing System and Registry.

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