{ "jurisdiction_id": "US-MD", "jurisdiction": "United States – Maryland", "url": "https://payments.gi/jurisdictions/united-states-maryland/", "generator": "render_jid v13.3.0", "date_modified": "2026-08-11", "schema_version": "world-payments-v1", "counts": { "modules": 14, "sourced_findings": 65, "source_register": 158 }, "modules": [ { "code": "W1a", "name": "Licensing, Authorisation & Market Access", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/united-states-maryland/#w1a-licensing-authorisation-market-access", "standing_position": "Maryland's 2026 legislative session produced a cluster of OFR-administered reforms: a new Maryland Stablecoin Act, an expanded virtual-currency-kiosk registration regime, a new payroll-processor carve-out from money-transmission licensing, and a corrective repeal of an erroneously enacted mortgage/installment-loan exemption.", "findings": [ { "finding": null, "instrument_type": "Maryland Money Transmission Act (FI Title 12, Subtitle 4)", "source": "https://www.bondexchange.com/maryland-money-transmitter-bond-a-comprehensive-guide/", "source_url": "https://www.bondexchange.com/maryland-money-transmitter-bond-a-comprehensive-guide/", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "Money Transmitter License", "source": "https://www.labor.maryland.gov/finance/industry/moneytran.shtml", "source_url": "https://www.labor.maryland.gov/finance/industry/moneytran.shtml", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "COMAR 09.03.14", "source": "https://www.jdsupra.com/legalnews/maryland-finalizes-money-transmitter-9745083/", "source_url": "https://www.jdsupra.com/legalnews/maryland-finalizes-money-transmitter-9745083/", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "Check Cashing Services license (FI Title 12, Subtitle 1)", "source": "https://www.labor.maryland.gov/finance/industry/checkcash.shtml", "source_url": "https://mgaleg.maryland.gov/2026RS/bills/hb/hb1355f.pdf", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "Maryland Consumer Loan Law (FI Title 11, Subtitle 2)", "source": "https://www.consumerfinancefintechblog.com/2025/05/maryland-enacts-earned-wage-access-law/", "source_url": "https://mgaleg.maryland.gov/2026RS/bills/hb/hb1355f.pdf", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "Nondepository trust company charter (2026 amendments)", "source": "https://mgaleg.maryland.gov/2026RS/bills/hb/hb1355f.pdf", "source_url": "https://mgaleg.maryland.gov/2026RS/bills/hb/hb1355f.pdf", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "Money Transmitter License", "source": "https://faisalkhan.com/solutions/licensing/money-transmitter-license-mtl/maryland-money-transmitter-license/", "source_url": "https://mgaleg.maryland.gov/2026RS/bills/hb/hb1355f.pdf", "source_tier": "3", "retrieved_at": "2026-07-05" } ] }, { "code": "W1b", "name": "Conduct, Safeguarding & Financial Promotions", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-maryland/#w1b-conduct-safeguarding-financial-promotions", "standing_position": "Maryland's conduct regime for EWA moves from HB1294 (2025, tipping permitted with disclosure) to SB94 (2026, tipping banned), effective October 1, 2026.", "findings": [ { "finding": null, "instrument_type": "Surety bond safeguarding mechanism", "source": "https://suretygroup.com/surety-bond/maryland-money-transmitter-bond/", "source_url": "https://suretygroup.com/surety-bond/maryland-money-transmitter-bond/", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "Earned Wage Access conduct rules (SB94, 2026)", "source": "https://www.consumerfinancialserviceslawmonitor.com/2026/05/maryland-enacts-sweeping-earned-wage-access-reforms-bans-tipping/", "source_url": "https://www.consumerfinancialserviceslawmonitor.com/2026/05/maryland-enacts-sweeping-earned-wage-access-reforms-bans-tipping/", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "Virtual Currency Kiosk conduct rules (COMAR 09.03.16)", "source": "https://www.sheppard.com/insights/blogs/maryland-finalizes-comprehensive-rules-governing-virtual-currency-kiosks", "source_url": "https://www.sheppard.com/insights/blogs/maryland-finalizes-comprehensive-rules-governing-virtual-currency-kiosks", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "Earned Wage Access conduct rules (HB1294, 2025)", "source": "https://www.goodwinlaw.com/en/insights/publications/2025/05/alerts-finance-ftec-maryland-enacts-law", "source_url": "https://www.sheppard.com/insights/blogs/maryland-finalizes-comprehensive-rules-governing-virtual-currency-kiosks", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "Consumer advisory (OFR)", "source": "https://labor.maryland.gov/finance/advisories/advisory-cryptocurrencyconsumer.pdf", "source_url": "https://www.sheppard.com/insights/blogs/maryland-finalizes-comprehensive-rules-governing-virtual-currency-kiosks", "source_tier": "1", "retrieved_at": "2026-07-05" } ] }, { "code": "W2", "name": "Stablecoins & Digital Money", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/united-states-maryland/#w2-stablecoins-digital-money", "standing_position": "Maryland enacted the Maryland Stablecoin Act (SB662/HB1355) on May 12, 2026, effective January 1, 2027, establishing OFR as stablecoin regulator and a state-issuer/nondepository-trust-company route; a Blockchain Task Force reports by Oct 1, 2027.", "findings": [ { "finding": null, "instrument_type": "Maryland Stablecoin Act (SB662/HB1355)", "source": "https://www.jdsupra.com/legalnews/maryland-governor-signs-bill-8307759/", "source_url": "https://www.jdsupra.com/legalnews/maryland-governor-signs-bill-8307759/", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "OFR stablecoin regulator designation", "source": "https://labor.maryland.gov/finance/fr2026legislativereview.shtml", "source_url": "https://labor.maryland.gov/finance/fr2026legislativereview.shtml", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "GENIUS Act 'substantially similar' NPRM (federal backdrop)", "source": "https://www.consumerfinancialserviceslawmonitor.com/2026/04/treasury-proposes-genius-act-principles-for-acceptable-state-stablecoin-regimes/", "source_url": "https://www.federalregister.gov/documents/2025/09/19/2025-18226/genius-act-implementation", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Digital asset legislative package (2026 session)", "source": "https://digitalchamber.org/md-leads-the-way/", "source_url": "https://www.federalregister.gov/documents/2025/09/19/2025-18226/genius-act-implementation", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Blockchain and Cryptocurrency Task Force", "source": "https://labor.maryland.gov/finance/fr2026legislativereview.shtml", "source_url": "https://www.federalregister.gov/documents/2025/09/19/2025-18226/genius-act-implementation", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Digital asset staking clarification (SB759, did not advance)", "source": "https://www.billtrack50.com/billdetail/1967974", "source_url": "https://www.federalregister.gov/documents/2025/09/19/2025-18226/genius-act-implementation", "source_tier": "3", "retrieved_at": null } ] }, { "code": "W3", "name": "Operational Resilience & Critical Infrastructure", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-maryland/#w3-operational-resilience-critical-infrastructure", "standing_position": "Maryland lacks a dedicated payments-sector operational-resilience statute equivalent to DORA; resilience obligations for payments/financial entities instead flow from the state's general data-breach notification law (PIPA), sector-specific insurance-carrier cybersecurity-event reporting rules, and an OFR-issued Emergency Preparedness Guide for state-chartered depository institutions.", "findings": [ { "finding": null, "instrument_type": "Maryland Personal Information Protection Act (PIPA), Commercial Law §14-3504", "source": "https://mgaleg.maryland.gov/mgawebsite/laws/StatuteText?article=gcl§ion=14-3504&enactments=False&archived=False", "source_url": "https://mgaleg.maryland.gov/mgawebsite/laws/StatuteText?article=gcl§ion=14-3504&enactments=False&archived=False", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "Maryland Insurance Article cybersecurity event reporting, Ins. §§33-101-33-109", "source": "https://www.constangy.com/data-privacy-us-md", "source_url": "https://www.constangy.com/data-privacy-us-md", "source_tier": "2", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "Emergency Preparedness Guide for Maryland-Chartered Banks, Credit Unions, and Trust Companies", "source": "https://labor.maryland.gov/finance/banks/", "source_url": "https://labor.maryland.gov/finance/banks/", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "Maryland Online Data Privacy Act (MODPA)", "source": "https://www.mwe.com/insights/maryland-joins-growing-ranks-and-passes-its-own-consumer-data-privacy-law/", "source_url": "https://pivitstrategy.com/maryland-cybersecurity-laws-you-should-know-2026/", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "Critical infrastructure incident reporting (CIRCIA cross-reference)", "source": "https://pivitstrategy.com/maryland-cybersecurity-laws-you-should-know-2026/", "source_url": "https://pivitstrategy.com/maryland-cybersecurity-laws-you-should-know-2026/", "source_tier": "3", "retrieved_at": "2026-07-05" } ] }, { "code": "W4", "name": "Scheme & Network Compliance", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-maryland/#w4-scheme-network-compliance", "standing_position": "Maryland has no state-specific interchange-fee cap or dedicated card-scheme statute; card acceptance in the state follows Visa/Mastercard network rules (surcharge caps of 3%/4% respectively) and the national interchange landscape, which is being reshaped by the long-running Payment Card Interchange Fee antitrust litigation settlement. Legislative attempts to cap Maryland surcharges at true cost of acceptance failed in 2024.", "findings": [ { "finding": null, "instrument_type": "Card network surcharge rules (Visa/Mastercard)", "source": "https://www.getnickel.com/surcharge-laws/maryland", "source_url": "https://www.getnickel.com/surcharge-laws/maryland", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "Failed 2024 surcharge-cap legislation", "source": "https://merchantcostconsulting.com/lower-credit-card-processing-fees/credit-card-surcharge-laws-by-state/", "source_url": "https://www.paymentsdive.com/news/court-approves-visa-mastercard-settlement/822440/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation (MDL 1720) settlement", "source": "https://www.americanbar.org/groups/antitrust_law/resources/newsletters/in-re-payment-card-interchange-fee-merchant-discount-antitrust-litigation/", "source_url": "https://www.paymentsdive.com/news/court-approves-visa-mastercard-settlement/822440/", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "Interchange settlement financial impact", "source": "https://www.payram.com/blog/visa-mastercard-swipe-fee-settlement", "source_url": "https://www.paymentsdive.com/news/court-approves-visa-mastercard-settlement/822440/", "source_tier": "3", "retrieved_at": null } ] }, { "code": "W5", "name": "Payment Corridor Dynamics", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-maryland/#w5-payment-corridor-dynamics", "standing_position": "Maryland's principal payment corridors are inbound/outbound remittance flows tied to its large immigrant population, concentrated in the Baltimore-Washington metro area (notably the Langley Park 'International Corridor'), serviced by licensed money transmitters and remittance agents rather than a dedicated state-run instant-payment rail.", "findings": [ { "finding": null, "instrument_type": "Remittance corridor infrastructure", "source": "https://langley-park-md.b-cdn.net/", "source_url": "https://langley-park-md.b-cdn.net/", "source_tier": "4", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "Remittance sending behavior", "source": "https://www.sharemoney.com/us/en/state/maryland", "source_url": "https://langley-park-md.b-cdn.net/", "source_tier": "4", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "Remittance/money-transfer provider presence", "source": "https://builtin.com/companies/location/na/usa/md/type/fintech-companies", "source_url": "https://langley-park-md.b-cdn.net/", "source_tier": "4", "retrieved_at": "2026-07-05" } ] }, { "code": "W6", "name": "Industry Structure & Commercial Dynamics", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-maryland/#w6-industry-structure-commercial-dynamics", "standing_position": "Maryland's payments-adjacent industry structure is anchored by regional bank M&T Bank, a network of state-chartered banks and credit unions, and a smaller fintech/PSP layer supported by OFR's Innovation Contact office and the state-backed Maryland Community Investment Venture (MCIV) Fund, which pairs fintechs with Maryland state-chartered depository institutions.", "findings": [ { "finding": null, "instrument_type": "Bank market structure", "source": "https://builtin.com/companies/location/baltimore/type/fintech-companies", "source_url": "https://builtin.com/companies/location/baltimore/type/fintech-companies", "source_tier": "4", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "Maryland Community Investment Venture (MCIV) Fund", "source": "https://labor.maryland.gov/finance/mciv/", "source_url": "https://labor.maryland.gov/finance/mciv/", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "OFR Innovation Contact / fintech engagement office", "source": "https://www.labor.maryland.gov/finance/industry/frfintech.shtml", "source_url": "https://labor.maryland.gov/finance/mciv/", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "Fintech/venture capital ecosystem", "source": "https://www.ellty.com/blog/maryland-investors", "source_url": "https://labor.maryland.gov/finance/mciv/", "source_tier": "4", "retrieved_at": "2026-07-05" } ] }, { "code": "W7", "name": "Legal & Litigation", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-maryland/#w7-legal-litigation", "standing_position": "Maryland's litigation/enforcement track record centers on OFR administrative enforcement (CashCall, Cash-N-Go) and multistate BSA/AML action against Block/Cash App.", "findings": [ { "finding": null, "instrument_type": "Maryland Consumer Loan Law / Credit Services Business Act enforcement", "source": "https://caselaw.findlaw.com/court/md-court-of-special-appeals/1716706.html", "source_url": "https://caselaw.findlaw.com/court/md-court-of-special-appeals/1716706.html", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "Check Cashing Services enforcement (FI Title 12, Subtitle 1)", "source": "https://www.mdcourts.gov/data/opinions/cosa/2022/1012s21.pdf", "source_url": "https://www.mdcourts.gov/data/opinions/cosa/2022/1012s21.pdf", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "Multistate BSA/AML enforcement action", "source": "https://labor.maryland.gov/whatsnews/ofrjoins80menforcementactionagainstblockinccashapp.shtml", "source_url": "https://labor.maryland.gov/whatsnews/ofrjoins80menforcementactionagainstblockinccashapp.shtml", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "Commissioner's administrative order jurisdiction (Commercial Law §12-514)", "source": "https://mgaleg.maryland.gov/mgawebsite/laws/StatuteText?article=gcl§ion=12-514", "source_url": "https://labor.maryland.gov/whatsnews/ofrjoins80menforcementactionagainstblockinccashapp.shtml", "source_tier": "1", "retrieved_at": "2026-07-05" } ] }, { "code": "W8", "name": "Merchant Acquiring & Risk", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-maryland/#w8-merchant-acquiring-risk", "standing_position": "Maryland has no bespoke merchant-acquiring statute; acquiring risk practice follows the card networks' national rulebook (Honor All Cards, surcharge caps) as recently amended by the pending national interchange antitrust settlement, and the state's failed 2024 surcharge-cap bills leave Maryland merchants subject to network-set surcharge limits rather than a state-specific cost-of-acceptance cap.", "findings": [ { "finding": null, "instrument_type": "Modified Honor All Cards rule (national settlement)", "source": "https://www.americanbar.org/groups/antitrust_law/resources/newsletters/in-re-payment-card-interchange-fee-merchant-discount-antitrust-litigation/", "source_url": "https://www.americanbar.org/groups/antitrust_law/resources/newsletters/in-re-payment-card-interchange-fee-merchant-discount-antitrust-litigation/", "source_tier": "2", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "Merchant surcharge economics", "source": "https://www.getflexpoint.com/credit-card-surcharging-us-states/maryland", "source_url": "https://www.americanbar.org/groups/antitrust_law/resources/newsletters/in-re-payment-card-interchange-fee-merchant-discount-antitrust-litigation/", "source_tier": "4", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "Maryland surcharge/acquiring disclosure rules", "source": "https://merchantcostconsulting.com/lower-credit-card-processing-fees/maryland-surcharge-laws/", "source_url": "https://www.americanbar.org/groups/antitrust_law/resources/newsletters/in-re-payment-card-interchange-fee-merchant-discount-antitrust-litigation/", "source_tier": "3", "retrieved_at": "2026-07-05" } ] }, { "code": "W9", "name": "Product Innovation & Market Development", "confidence": "High", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/united-states-maryland/#w9-product-innovation-market-development", "standing_position": "Maryland's product-innovation posture is built on the MCIV Fund's fintech-bank pilot pairing model, a new Blockchain and Cryptocurrency Task Force, UCC Article 12 modernisation for controllable electronic records, and an emergent state Bitcoin Reserve Fund, positioning the state as actively courting digital-asset and fintech innovation while channeling it through regulated bank partnerships.", "findings": [ { "finding": null, "instrument_type": "MCIV Fund fintech pilot program", "source": "https://labor.maryland.gov/finance/mciv/", "source_url": "https://labor.maryland.gov/finance/mciv/", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "UCC Article 12 / Controllable Electronic Records adoption (SB154)", "source": "https://digitalchamber.org/md-leads-the-way/", "source_url": "https://marylandblockchainassociation.org/resources/md-legislation/", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "State Bitcoin Reserve Fund", "source": "https://marylandblockchainassociation.org/resources/md-legislation/", "source_url": "https://marylandblockchainassociation.org/maryland-emerges-as-a-national-leader-in-digital-asset-innovation/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Blockchain real-property title pilot (SB168/HB810)", "source": "https://digitalchamber.org/md-leads-the-way/", "source_url": "https://marylandblockchainassociation.org/maryland-emerges-as-a-national-leader-in-digital-asset-innovation/", "source_tier": "3", "retrieved_at": null } ] }, { "code": "W10", "name": "Consumer Protection & APP Fraud", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-maryland/#w10-consumer-protection-app-fraud", "standing_position": "Maryland's 2025-26 legislative program substantially expanded payments-adjacent consumer protection, closing regulatory loopholes for app-based earned-wage-access 'payday loans,' expanding the Access to Banking Act to reach underbanked consumers directly, and building fraud-refund and disclosure mechanics into the new virtual currency kiosk regime. The Attorney General's Consumer Protection Division and OFR share enforcement.", "findings": [ { "finding": null, "instrument_type": "Earned Wage Access Act (SB94) consumer protections", "source": "https://labor.maryland.gov/whatsnews/govmooresignsearnedwageaccessandaccesstobankingbills.shtml", "source_url": "https://labor.maryland.gov/whatsnews/govmooresignsearnedwageaccessandaccesstobankingbills.shtml", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "Maryland Access to Banking Act (2023, expanded 2026)", "source": "https://www.labor.maryland.gov/finance/banks/access-to-banking.shtml", "source_url": "https://labor.maryland.gov/whatsnews/govmooresignsearnedwageaccessandaccesstobankingbills.shtml", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "Access to Banking Act expansion (SB43/HB259, 2026)", "source": "https://labor.maryland.gov/whatsnews/govmooresignsearnedwageaccessandaccesstobankingbills.shtml", "source_url": "https://labor.maryland.gov/whatsnews/govmooresignsearnedwageaccessandaccesstobankingbills.shtml", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "Virtual currency kiosk fraud-refund process", "source": "https://www.sheppard.com/insights/blogs/maryland-finalizes-comprehensive-rules-governing-virtual-currency-kiosks", "source_url": "https://labor.maryland.gov/whatsnews/govmooresignsearnedwageaccessandaccesstobankingbills.shtml", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "PIPA consumer breach-notification rights", "source": "https://oag.maryland.gov/i-need-to/Pages/Guidelines-for-Businesses-to-Comply-with-the-Maryland-Personal-Information-Protection-Act.aspx", "source_url": "https://labor.maryland.gov/whatsnews/govmooresignsearnedwageaccessandaccesstobankingbills.shtml", "source_tier": "1", "retrieved_at": "2026-07-05" } ] }, { "code": "W11", "name": "AML/CFT & Financial Crime", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-maryland/#w11-aml-cft-financial-crime", "standing_position": "Maryland's AML/CFT posture for payments follows the federal Bank Secrecy Act framework administered by FinCEN, with Maryland-licensed money transmitters registering as MSBs and OFR participating in multistate AML enforcement. A direct proprietary Sentinel.gi feed connection was not accessible within this research pass; the findings below are drawn from public-record BSA/AML enforcement and regulatory statements standing in as the payments-context AML posture pending Sentinel.gi feed integration.", "findings": [ { "finding": null, "instrument_type": "MSB registration and AML compliance program requirement", "source": "sentinel.https://www.irs.gov/businesses/small-businesses-self-employed/money-services-business-msb-information-center", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Maryland operates under the federal Bank Secrecy Act/FinCEN AML/CFT architecture (BSA, CTA, OFAC sanctions) with no independent state AML statute; the state layer consists of money-transmitter licensing under the Maryland Financial Institutions Article administered by the Office of the Commissioner of Financial Regulation. Federal 2025 deregulatory moves (CTA domestic BOI exemption) materially thinned the transparency layer applicable to Maryland-registered entities.", "instrument_type": "assessment", "source": "FIM (sentinel.gi) per-JID baseline profile — United States — Maryland", "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 delisting", "instrument_type": "sanctions_change", "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-002)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Gap: enforcement-absence", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-002)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Enforcement: OFAC — U.S. persons and financial institutions nationwide, including Maryland-domiciled entities", "instrument_type": "enforcement_action", "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-004)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Gap: regulatory-failure", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-001)", "source_url": null, "source_tier": null, "retrieved_at": null } ] }, { "code": "W12", "name": "Correspondent Banking, Settlement & Access", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-maryland/#w12-correspondent-banking-settlement-access", "standing_position": "Maryland has no distinct state-level correspondent-banking or settlement-access statute; correspondent relationships and settlement-system membership for Maryland-chartered and Maryland-domiciled institutions are governed by the federal framework (Federal Reserve, OCC, FDIC) rather than state law, with the state's role limited to chartering and supervising depository/trust institutions that then access federal settlement rails.", "findings": [ { "finding": null, "instrument_type": "State bank/trust company chartering (settlement access precursor)", "source": "https://labor.maryland.gov/finance/banks/", "source_url": "https://labor.maryland.gov/finance/banks/", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "Nondepository trust company capital/settlement provisions (2026 amendments)", "source": "https://mgaleg.maryland.gov/2026RS/bills/hb/hb1355f.pdf", "source_url": "https://mgaleg.maryland.gov/2026RS/bills/hb/hb1355f.pdf", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "Correspondent banking relationship (M&T Bank)", "source": "https://builtin.com/companies/location/baltimore/type/fintech-companies", "source_url": "https://mgaleg.maryland.gov/2026RS/bills/hb/hb1355f.pdf", "source_tier": "4", "retrieved_at": "2026-07-05" } ] }, { "code": "W13", "name": "Commercial Intelligence & Fintech", "confidence": "High", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/united-states-maryland/#w13-commercial-intelligence-fintech", "standing_position": "Maryland established a Digital Asset and Blockchain Technology Task Force to study blockchain/cryptocurrency policy, with a report due to the Governor and General Assembly by October 1, 2027; OFR will staff and facilitate the task force.", "findings": [ { "finding": null, "instrument_type": "commercial_event", "source": "https://www.jdsupra.com/legalnews/maryland-governor-signs-bill-8307759/", "source_url": "https://labor.maryland.gov/finance/mciv/", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "commercial_event", "source": "https://labor.maryland.gov/whatsnews/govmooresignsearnedwageaccessandaccesstobankingbills.shtml", "source_url": "https://labor.maryland.gov/finance/mciv/", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "commercial_event", "source": "https://www.sheppard.com/insights/blogs/maryland-finalizes-comprehensive-rules-governing-virtual-currency-kiosks", "source_url": "https://labor.maryland.gov/finance/mciv/", "source_tier": "3", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "commercial_event", "source": "https://labor.maryland.gov/whatsnews/ofrjoins80menforcementactionagainstblockinccashapp.shtml", "source_url": "https://labor.maryland.gov/finance/mciv/", "source_tier": "1", "retrieved_at": "2026-07-05" }, { "finding": null, "instrument_type": "commercial_event", "source": "https://labor.maryland.gov/finance/mciv/", "source_url": "https://labor.maryland.gov/finance/mciv/", "source_tier": "1", "retrieved_at": "2026-07-05" } ] } ] }