Illinois and North Dakota Expand MSB Call Report Requirements

The Illinois Department of Financial and Professional Regulation and the North Dakota Department of Financial Institutions have each issued or updated MSB Call Report obligations applicable to licensed money transmitters.

Illinois

The Illinois Department of Financial and Professional Regulation notified all licensees, that starting with Q1 2026, under the Illinois Uniform Money Transmission Modernization Act (205 ILCS 658/7-1), licensees must submit both Financial Condition and state-specific transaction MSB Call Reports via NMLS on a quarterly basis, within 45 days of the end of each calendar quarter.

North Dakota

North Dakota recently updated its NMLS settings to require the submission of the MSB Call Report State Transactions Destination Country Detail Section, which was previously not required for North Dakota licensees. This section is required to be submitted as part of the Q4 MSB Call Report submission each year.

FS Vector monitors ongoing state guidance for money transmission licensing and reporting to help ensure compliance with the latest requirements. Contact FS Vector for assistance navigating MSB Call Report obligations in Illinois, North Dakota, and other states.

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