Related to:
Consent Order

Consent Order Omnex Group, Inc., dba Uno Remittance

Date: 05/10/2011
Organization: Division of Banks
Docket Number: 2010-374-CO
Location: Englewood Cliffs, NJ

COMMONWEALTH OF MASSACHUSETTS

Suffolk, SS.

COMMISSIONER OF BANKS
FOREIGN TRANSMITTAL
AGENCY LICENSING
Docket No. 2010-374-CO

CONSENT ORDER

In the Matter of
OMNEX GROUP, INC. D/B/A
UNO REMITTANCE

Foreign Transmittal Agency License No(s):FT5192 et al.


 

WHEREAS, OMNEX GROUP, INC. D/B/A UNO REMITTANCE, Englewood Cliffs, New Jersey ("Omnex Group" or the "Corporation") a licensed foreign transmittal agency under Massachusetts General Laws chapter 169 has been advised of its right to Notice and Hearing pursuant to General Laws chapter 169, section 13, and having waived those rights, entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER ("Consent Agreement") with representatives of the Division of Banks ("Division") dated May 10, 2011, whereby, solely for the purpose of settling this matter, and without admitting any allegations or implications of fact or the existence of any violation of state or federal laws and regulations governing the conduct and operation of a foreign transmittal agency, Omnex Group agrees to the issuance of this CONSENT ORDER ("Consent Order") by the Commissioner of Banks ("Commissioner");


WHEREAS, an examination/inspection of Omnex Group was conducted pursuant to General Laws chapter 169, section 10, as of June 1, 2009 (the "2009 examination/inspection") to assess the Corporation's level of compliance with applicable state and federal laws, rules, regulations and regulatory bulletins governing the conduct of those engaged in the business of a foreign transmittal agency in the Commonwealth;


WHEREAS, the Report of Examination/Inspection (the "Report") issued pursuant to the Division's examination/inspection of Omnex Group as of June 1, 2009 alleged Omnex Group's failure to comply with applicable state and federal laws, rules, regulations, and regulatory guidelines governing the conduct of two of the Corporation's authorized agents engaged in the foreign transmittal business in the Commonwealth maintaining foreign transmittal agency license numbers FT7198 and FT5205.


WHEREAS, pursuant to General Laws chapter 169, section 13(b), the Commissioner issued a FINDINGS OF FACT AND TEMPORARY ORDER TO CEASE AND DESIST, Docket No. 2010-374 (the "Temporary Order"), against two authorized agents of Omnex Group maintaining foreign transmittal license numbers FT7198 and FT5205 based upon the findings of the 2009 examination/inspection;


WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Temporary Order and the Report;


WHEREAS, without this Consent Order constituting an admission by Omnex Group of any allegations made or implied by the provisions of the Temporary Order; solely for the purpose of settlement of all alleged violations without protracted administrative proceedings and judicial review, Omnex Group hereby waives its right to complete the hearing process relative to this proceeding and affirms that it is willing to take all necessary action as set forth in this Consent Order; and


WHEREAS, in recognition of the Division and Omnex Group having reached the following mutual agreement under this Consent Order to fully resolve the matters raised by the Temporary Order, the Commissioner has terminated the Temporary Order on this 10th day of May 2011. ORDER NOW COME the parties in the above-captioned matter, the Division and Omnex Group, and stipulate and agree as follows:

 

  1. Omnex Group ceased engaging in the activity engaging in the foreign transmittal business in Massachusetts, as that term is defined under Massachusetts General Laws chapter 169, the Division's regulations 209 CMR 44.00 et seq., at 177 Brighton Avenue, Allston, Massachusetts, with license number FT5205 and at 581 Boston Post Road, Marlboro, Massachusetts, with license number FT7198 pursuant to the provisions of the Division's Temporary Order of November 19, 2010. On or about December 9, 2010, Omnex Group surrendered the Corporation's Massachusetts foreign transmittal agency licenses, license No.(s): FT5205 and FT7198 by filing a letter of surrender to the Division, at 1000 Washington Street, 10th Floor, Boston, Massachusetts 02118-6400.
     
  2. Omnex Group shall not engage in check cashing activity either directly or through any agent without first obtaining the relevant license from the Division as required pursuant to General Laws chapter 169A, section 2.
     
  3. Within ninety (90) days of the effective date of this Consent Order, Omnex Group shall submit revised, written internal policies and quality control procedures ("Procedures") designed to maintain compliance with applicable laws, regulations, and rules governing the conduct and operation of business as a foreign transmittal agent in the Commonwealth. The Procedures shall:

     
    1. Provide for a review process to assess the compliance of Omnex Group, and all Massachusetts licensed agents, applicable employees, staff, and independent contractors who operate on behalf of the Corporation with (i) the statutes, regulations, rules, and other relevant provisions of law applicable to those engaged in the foreign transmittal business in the Commonwealth.;
       
    2. Provide for adequate training to applicable staff persons, conducted by qualified and trained personnel, which includes, but is not limited to, proper instruction, adequate supervision and ongoing training to ensure proper implementation and execution of the revised policies and procedures implemented pursuant to this Consent Order;
       
    3. Identify the title and number of senior management and office personnel necessary to manage adequately and supervise properly the Corporation's foreign transmittal activity and the Anti-Money Laundering policies; ensure that each individual identified possesses the ability, experience, and other qualifications necessary to perform competently present and anticipated duties, to follow and enforce the Corporation's revised policies and procedures adopted pursuant to this Consent Order;
       
    4. Provide for written procedures adopted by the Corporation identifying the necessary office personnel designated by the Corporation to periodically conduct agent visitations for its Massachusetts licensed office locations to ensure that those agents are in compliance with the provisions of this Order; and
       
    5. Provide for written policies and procedures adopted by the Corporation identifying the manner in which Omnex Group approves prospective Massachusetts agent locations including but not limited to, any due diligence procedures adopted by the Corporation prior to submitting an agent/branch license application to the Division.
       
  4. Omnex Group shall establish, implement, and maintain policies and training procedures to ensure that all applicable personnel at the Corporation's Massachusetts licensed office locations possess a comprehensive understanding of the Bank Secrecy Act (31 U.S.C. § 5311 et seq.) and its implementing regulations 31 CFR Chapter X, Massachusetts General Laws, chapter 169, 209 CMR 44.00 et seq., and the Corporation's own policies, procedures, and internal controls. Such training shall ensure the proper implementation and execution of the revised practices and procedures adopted by Omnex Group pursuant to this Section of the Consent Order. O
     
  5. Omnex Group shall establish, implement and maintain procedures to ensure that the Corporation obtains the Commissioner's written approval prior to any change in or closing of a Massachusetts location in accordance with 209 CMR 44.09(2).
     
  6. Omnex Group shall establish, implement and maintain procedures to ensure that the relevant agent's license type and number is disclosed to consumers in writing, at the time any deposits for transmittal abroad are accepted, as required by the Division's regulation 209 CMR 44.10(3). O
     
  7. Omnex Group shall establish, implement and maintain procedures to ensure that all required identification information is recorded and maintained in a manner sufficient to evidence compliance with 31 CFR Part 1010.410(e). O
     
  8. Omnex Group shall comply with all laws and regulations applicable to its conducting the business of a Foreign Transmittal Agency, including, but not limited to, Massachusetts General Laws chapter 169, and the Division's regulation 209 CMR 44.00 et seq.
     
  9. On the thirtieth (30th) day after the end of each calendar quarter following the date that the Corporation submits its revised Procedures pursuant to Section 4 of this Order, Omnex Group shall furnish written progress reports to the Division, which shall address and include the following:

     
    1. A description of the form, content, and manner of any actions taken to address each Section of this Consent Order and the results thereof; and
       
    2. Written findings prepared by Omnex Group detailing a review of management's and staff persons' adherence to the policies, programs, and procedures adopted pursuant to this Consent Order and to applicable statutes, regulations, and rules, as well as a description of any operational changes implemented during such quarter which are intended to improve Omnex Group's compliance condition in Massachusetts and the results thereof.
       
  10. The reporting requirement to the Division referenced in Section 10 of this Consent Order shall remain in effect and shall not be amended or rescinded without the prior written modification, termination, or suspension of the applicable provision of this Consent Order from the Commissioner.
     
  11. The provisions of this Consent Order shall not limit, stop, or otherwise prevent the Division, or any other state agency or department, from taking any other action affecting Omnex Group, its successors or assigns, fails to fully and promptly comply with the above provisions.
     
  12. This Consent Order shall become effective immediately upon the date of its issuance.
     
  13. The provisions of this Consent Order shall be binding upon Omnex Group, its officers and directors, their successors and assigns, and those persons in active participation with it, directly or indirectly, acting individually or through any corporate or other entity.
     
  14. In accordance with the terms of the Consent Agreement entered by Omnex Group and the Commissioner, Omnex Group has waived all rights of appeal that it may have relative to this Consent Order or any of its provisions. T
     
  15. he provisions of this Consent Order shall remain effective and enforceable except to the extent that, and until such time as, any provisions of this Consent Order shall have been modified, terminated, suspended, or set aside by the Commissioner or upon an order of a court of competent jurisdiction.
     
  16. This Consent Order and the Consent Agreement are the complete documents representing the resolution of this matter. There are no other agreements, promises, representations, or warranties other than those set forth in this Consent Order.

     

BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:

 

Dated at Boston, Massachusetts, this 10th day of May, 2011





 

By: David J. Cotney
Commissioner of Banks

THIS CONSENT ORDER WAS TERMINATED ON JUNE 25, 2014.

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