{ "jurisdiction_id": "US-CT", "jurisdiction": "United States – Connecticut", "url": "https://payments.gi/jurisdictions/united-states-connecticut/", "generator": "render_jid v13.3.0", "date_modified": "2026-08-11", "schema_version": "world-payments-v1", "counts": { "modules": 14, "sourced_findings": 60, "source_register": 110 }, "modules": [ { "code": "W1a", "name": "Licensing, Authorisation & Market Access", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/united-states-connecticut/#w1a-licensing-authorisation-market-access", "standing_position": "Connecticut operates one of the most comprehensive state virtual-currency-inclusive money-transmission frameworks in the US under Conn. Gen. Stat. §§36a-595 et seq. PA 24-146 (2024) brought kiosk operators under licensure; PA 25-66 (2025) extended coverage to digital wallets and imposed custody/disclosure standards; HB7082 (2026) bars state entities from virtual-currency payments.", "findings": [ { "finding": null, "instrument_type": "statute", "source": "https://portal.ct.gov/DOB/Consumer-Credit-Licensing-Info/Consumer-Credit-Licensing-Information/Money-Transmitter-Licensing-Information", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "statute", "source": "https://portal.ct.gov/DOB/Consumer-Credit-Licenses/Consumer-Credit-Licenses/Money-Transmitters-Licensed-in-Connecticut", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "regulatory advisory", "source": "https://portal.ct.gov/-/media/dob/consumer-credit-licensing-info/department-of-banking-issues-consumer-and-industry-advisory-on-money-transmission.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "statute/charter", "source": "https://portal.ct.gov/dob/financial-institutions-division/fid-applications/innovation-charter-application", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "market development", "source": "https://ctnewsjunkie.com/2024/09/27/connecticuts-fintech-hub-adds-second-innovation-bank/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "surety/net worth", "source": "https://cornerstonelicensing.com/money-transmitter-laws/connecticut-money-transmitter-regulations/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W1b", "name": "Conduct, Safeguarding & Financial Promotions", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-connecticut/#w1b-conduct-safeguarding-financial-promotions", "standing_position": "Connecticut requires licensees to maintain permissible investments held in statutory trust for customers (PA 13-253); PA 25-66 (effective Oct 1 2025) narrows virtual-currency custody delegation, tightens FDIC-insurance-related promotional claims, and adds parental-verification/data-deletion safeguards for minors' money-sharing apps.", "findings": [ { "finding": null, "instrument_type": "statute", "source": "https://www.cga.ct.gov/2013/act/pa/2013PA-00253-R00SB-00911-PA.htm", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "statute (PA 25-66)", "source": "https://www.shipkevich.com/connecticut-enacts-broad-amendments-to-money-transmission-law-targeting-virtual-currency-and-digital-assets/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "statute (PA 25-66)", "source": "https://www.consumerfinanceandfintechblog.com/2025/07/connecticut-updates-money-transmission-law-to-cover-digital-wallets-and-virtual-currency/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "conduct/promotions", "source": "https://www.shipkevich.com/connecticut-enacts-broad-amendments-to-money-transmission-law-targeting-virtual-currency-and-digital-assets/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W2", "name": "Stablecoins & Digital Money", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-connecticut/#w2-stablecoins-digital-money", "standing_position": "Connecticut treats virtual currency as within scope of money transmission (2017/2018 amendments), operates a distinct kiosk licensing/disclosure regime (Digital Assets Act) with 15% fee cap and daily limits actively enforced (Bulletin 3238, Mar 2026), and PA 25-66 (Oct 1 2025) extends custody/disclosure/fee/limit rules to digital-wallet-based virtual currency transmission while barring state government acceptance/investment in virtual currency.", "findings": [ { "finding": null, "instrument_type": "statute", "source": "https://portal.ct.gov/DOB/Consumer-Credit-Licensing-Info/Consumer-Credit-Licensing-Information/Virtual-Currency-MTRA-FAQs", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "statute (Digital Assets Act)", "source": "https://cryptoslate.com/crypto-laws/connecticut-digital-currency-kiosk-consumer-protection-regime/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "statute (CGS 36a-613/614)", "source": "https://www.cga.ct.gov/2024/rpt/pdf/2024-R-0183.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "statute (PA 25-66)", "source": "https://legiscan.com/CT/text/HB07082/id/3253869/Connecticut-2025-HB07082-Chaptered.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "statute", "source": "https://moneytransmitterlaw.com/state-laws/connecticut/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "enforcement", "source": "https://portal.ct.gov/dob/bulletin/2026/bulletin-3238-march-13-2026", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W3", "name": "Operational Resilience & Critical Infrastructure", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-connecticut/#w3-operational-resilience-critical-infrastructure", "standing_position": "Connecticut lacks a DORA-style dedicated payments operational-resilience regime; resilience obligations arise via the state's data-breach-notification statute, a NIST/ISO/CIS-based cybersecurity safe-harbor law, and PCI DSS as applied to any business handling card data, alongside sectoral (GLBA/NAIC) frameworks for financial institutions.", "findings": [ { "finding": null, "instrument_type": "statute", "source": "https://portal.ct.gov/AG/General/Report-a-Breach-of-Security-Involving-Computerized-Data", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "statute (PA 21-119)", "source": "https://www.akingump.com/en/insights/blogs/ag-data-dive/connecticut-expands-breach-reporting-and-creates-cybersecurity-safe-harbor", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "sectoral cybersecurity", "source": "https://pivitstrategy.com/connecticut-cybersecurity-laws-you-should-know-2026/", "source_url": null, "source_tier": "4", "retrieved_at": null }, { "finding": null, "instrument_type": "pending legislation", "source": "https://www.cyberadviserblog.com/2026/02/connecticut-senate-bill-raises-the-stakes-on-data-breach-response/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W4", "name": "Scheme & Network Compliance", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-connecticut/#w4-scheme-network-compliance", "standing_position": "Connecticut is one of a small number of US states with an outright statutory ban on credit-card surcharging (Conn. Gen. Stat. §42-133ff), while permitting disclosed cash discounts; enforcement sits with the Department of Consumer Protection/Attorney General under CUTPA. PCI DSS applies as an industry standard rather than a state mandate.", "findings": [ { "finding": null, "instrument_type": "statute", "source": "https://law.justia.com/codes/connecticut/title-42/chapter-739/section-42-133ff/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "conduct/enforcement", "source": "https://www.wiggin.com/publication/connecticut-makes-significant-changes-to-its-credit-card-surcharge-law-effective-immediately/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "regulator guidance", "source": "https://portal.ct.gov/dcp/legal/credit-card-surcharge", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "market comparator", "source": "https://merchantcostconsulting.com/lower-credit-card-processing-fees/connecticut-surcharge-laws/", "source_url": null, "source_tier": "4", "retrieved_at": null } ] }, { "code": "W5", "name": "Payment Corridor Dynamics", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-connecticut/#w5-payment-corridor-dynamics", "standing_position": "Connecticut has no state-specific corridor regulation; cross-border consumer remittance activity out of Connecticut is governed by the federal Dodd-Frank remittance transfer rule (Reg E), while the state's Innovation Bank Charter has begun attracting cross-border settlement/clearing infrastructure providers seeking direct Fed and card-network rail access.", "findings": [ { "finding": null, "instrument_type": "federal regulation (Reg E)", "source": "https://www.consumercomplianceoutlook.org/2016/second-issue/an-overview-of-the-regulation-e-requirements-for-foreign-remittance-transfers/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "market development", "source": "https://www.americanbanker.com/news/connecticuts-special-banking-charter-finds-a-new-purpose", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "market commentary", "source": "https://hartfordbusiness.com/article/ct-revives-long-dormant-banking-charter-to-woo-fintech-companies/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W6", "name": "Industry Structure & Commercial Dynamics", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-connecticut/#w6-industry-structure-commercial-dynamics", "standing_position": "Connecticut's payments/fintech industry structure is anchored in Fairfield County (Stamford/Greenwich) proximity to NYC, Hartford's legacy insurance/finance base, and a deliberate state strategy (Innovation Bank Charter, DOB engagement) to attract wholesale/payments-infrastructure fintechs; financial services leads all sectors for funded CT startups.", "findings": [ { "finding": null, "instrument_type": "market structure", "source": "https://fundraiseinsider.com/blog/connecticut-startups/", "source_url": null, "source_tier": "4", "retrieved_at": null }, { "finding": null, "instrument_type": "market structure", "source": "https://www.advancect.org/news-and-media/p/item/66373/connecticuts-innovation-bank-charter-offers-a-competitive-path-for-fintech-growth", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "market commentary", "source": "https://www.americanbanker.com/news/connecticuts-special-banking-charter-finds-a-new-purpose", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "industry landscape", "source": "https://www.inven.ai/company-lists/top-19-fintech-companies-in-connecticut", "source_url": null, "source_tier": "4", "retrieved_at": null } ] }, { "code": "W7", "name": "Legal & Litigation", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-connecticut/#w7-legal-litigation", "standing_position": "The Department of Banking actively enforces money transmission and consumer-credit law via consent orders and administrative proceedings, with recent (2025-2026) actions against unlicensed small-loan lending and virtual-currency-kiosk fee/limit violations, alongside the CT Attorney General's active CUTPA/data-privacy enforcement track.", "findings": [ { "finding": null, "instrument_type": "enforcement order", "source": "https://portal.ct.gov/dob/bulletin/2026/bulletin-3238-march-13-2026", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "consent order", "source": "https://www.consumerfinanceandfintechblog.com/2025/10/connecticut-department-of-banking-issues-consent-order-for-alleged-unlicensed-small-loan-activity/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "enforcement process", "source": "https://portal.ct.gov/DOB/Legal-Resources/Legal-Resources/Enforcement-of-Laws-Adminstered-by-the-Department-of-Banking", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "AG enforcement report", "source": "https://portal.ct.gov/-/media/ag/press_releases/2025/updated-enforcement-report-pursuant-to-connecticut-data-privacy-act-conn-gen-stat--42515-et-seq.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W8", "name": "Merchant Acquiring & Risk", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-connecticut/#w8-merchant-acquiring-risk", "standing_position": "Merchant acquiring in Connecticut operates under the general bank-sponsorship/ISO model (no CT-specific acquirer charter), overlaid by the state's strict no-surcharge law which materially shapes merchant fee pass-through options; Greenwich-based ISO PayArc is a notable homegrown acquiring-technology player.", "findings": [ { "finding": null, "instrument_type": "market participant", "source": "https://www.payarc.com/about-us", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "acquiring/merchant risk", "source": "https://intellipay.com/is-it-legal-to-pass-on-credit-card-fees-to-customers/", "source_url": null, "source_tier": "4", "retrieved_at": null }, { "finding": null, "instrument_type": "market development", "source": "https://www.privsource.com/acquisitions/payments-fintech/state/connecticut", "source_url": null, "source_tier": "4", "retrieved_at": null } ] }, { "code": "W9", "name": "Product Innovation & Market Development", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-connecticut/#w9-product-innovation-market-development", "standing_position": "Connecticut's flagship payments-innovation vehicle is the Innovation Bank Charter (renamed 2024 from the dormant 'uninsured bank charter'), which has drawn cross-border clearing/settlement fintechs (Banking Circle US, Numisma Bank) seeking direct Fed and card-network rail access without a sponsor bank intermediary.", "findings": [ { "finding": null, "instrument_type": "statute/charter", "source": "https://portal.ct.gov/DOB/Financial-Institutions-Division/FID/Organization-of-a-Connecticut-Bank", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "novel charter comparator", "source": "https://www.klaros.com/post/an-updated-bank-charter-primer", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "product launch", "source": "https://ctnewsjunkie.com/2024/09/27/connecticuts-fintech-hub-adds-second-innovation-bank/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "regulator posture", "source": "https://hartfordbusiness.com/article/ct-revives-long-dormant-banking-charter-to-woo-fintech-companies/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W10", "name": "Consumer Protection & APP Fraud", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-connecticut/#w10-consumer-protection-app-fraud", "standing_position": "Connecticut has no PSR-style mandatory APP-fraud reimbursement scheme; consumer protection for payments fraud runs through CUTPA enforcement, the Attorney General's Elder Justice Hotline/Consumer Assistance Unit, and PA 25-66's new minors' money-sharing-app safeguards, against a backdrop of sharply rising elder financial-fraud losses.", "findings": [ { "finding": null, "instrument_type": "consumer protection service", "source": "https://portal.ct.gov/ag/elderhotline", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "law enforcement advisory", "source": "https://www.woodstockct.gov/home/news/preventing-financial-scams-among-connecticut-seniors", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "statute (PA 25-66)", "source": "https://www.cga.ct.gov/2025/SUM/PDF/2025SUM00066-R03HB-07082-SUM.PDF", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "consumer protection routing", "source": "https://www.bbb.org/local/0111/elder-justice-ct", "source_url": null, "source_tier": "2", "retrieved_at": null } ] }, { "code": "W11", "name": "AML/CFT & Financial Crime", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-connecticut/#w11-aml-cft-financial-crime", "standing_position": "Sentinel.gi payments-context position: Connecticut money transmitters and virtual-currency businesses operate as MSBs under the federal Bank Secrecy Act/FinCEN framework, layered with state-level BSA/AML examination by the Department of Banking; no CT-specific AML statute displaces the federal BSA/AML program requirement.", "findings": [ { "finding": null, "instrument_type": "state supervisory posture", "source": "https://portal.ct.gov/-/media/dob/consumer-credit-licensing-info/department-of-banking-issues-consumer-and-industry-advisory-on-money-transmission.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Connecticut regulates money transmission and virtual-currency kiosks through its Department of Banking under state licensing statutes, operating inside the uniform federal BSA/FinCEN framework. State licensing power permits suspension of money-transmitter licenses (demonstrated against Bitcoin Depot). Connecticut hosts a dense Fairfield County hedge-fund/private-equity complex and a major Hartford reinsurance sector, both subject to federal AML rules but limited state-level enhanced due diligence beyond licensing and consumer-complaint response.", "instrument_type": "assessment", "source": "FIM (sentinel.gi) per-JID baseline profile — United States — Connecticut", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: sourcing-thinness", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Sanctions: OFAC listing", "instrument_type": "sanctions_change", "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-002)", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": "Gap: legal-gap", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-001)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: regulatory-failure", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-002)", "source_url": null, "source_tier": null, "retrieved_at": null } ] }, { "code": "W12", "name": "Correspondent Banking, Settlement & Access", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-connecticut/#w12-correspondent-banking-settlement-access", "standing_position": "Connecticut's Innovation Bank Charter is materially reshaping correspondent-banking/settlement access for payments firms domiciled in the state; Numisma Bank became the first Tier-3 (uninsured) institution to obtain a Federal Reserve master account under the Fed's 2022 access guidelines (conditional approval Mar 2024, full approval May 2024) -- though not the first uninsured entity ever to hold one (Reserve Trust obtained a master account in 2018 before ceasing operations).", "findings": [ { "finding": null, "instrument_type": "settlement access", "source": "https://www.freshfields.com/en/our-thinking/blogs/a-fresh-take/chartering-a-new-path-toward-banking-how-the-rise-of-novel-charters-is-reshaping-102l4fk", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "correspondent banking commentary", "source": "https://hartfordbusiness.com/article/ct-revives-long-dormant-banking-charter-to-woo-fintech-companies/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "settlement access", "source": "https://www.pcbb.com/bid/2024-09-03-the-impact-of-uninsured-and-novel-bank-charters", "source_url": null, "source_tier": "4", "retrieved_at": null }, { "finding": null, "instrument_type": "settlement access", "source": "https://www.advancect.org/news-and-media/p/item/64944/how-is-connecticut-expanding-as-a-fintech-hub-with-strategic-advantages", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W13", "name": "Commercial Intelligence & Fintech", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-connecticut/#w13-commercial-intelligence-fintech", "standing_position": "Trailing-12-month commercial activity centered on Connecticut-based payments/fintech firms includes an acquisition of a Glastonbury digital-payments platform by a national core-banking provider, a growth investment in a Greenwich-based payments ISO, and continued build-out of Stamford's Innovation-Bank-Charter cross-border payments cluster.", "findings": [ { "finding": null, "instrument_type": "commercial_event", "source": "https://www.privsource.com/acquisitions/payments-fintech/state/connecticut", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event", "source": "https://www.privsource.com/acquisitions/payments-fintech/state/connecticut", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event", "source": "https://www.advancect.org/news-and-media/p/item/64944/how-is-connecticut-expanding-as-a-fintech-hub-with-strategic-advantages", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event", "source": "https://hartfordbusiness.com/article/stamford-fintech-notable-finance-raises-6m-to-expand-its-home-sale-credit-business/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] } ] }