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The Commonwealth of Massachusetts Division of Banks (Division), by and through the Commissioner of Banks of the Commonwealth of Massachusetts (Commissioner), for its Order to Show Cause and Notice of Right to a Hearing (Order and Notice), alleges as follows:
JURISDICTION AND VENUE
FINDINGS OF FACT
Said commissioner may reject an application for a license or an application for a renewal of a license if he finds that the financial responsibility, character, reputation, integrity and general fitness of the applicant and the members thereof if such applicant is a partnership or association, and of the officers and directors if the applicant is a corporation are not such as to warrant belief that the business will be operated in accordance with law and in the public interest.
The commissioner may suspend or revoke any license issued pursuant to this chapter if he finds that: (a) the licensee has violated any provision of this chapter or any rule or regulation adopted hereunder or any other law applicable to the conduct of such business; or (b) any fact or condition exists which, if it had existed at the time of the original application for such license, would have warranted the commissioner to refuse to issue such license.
(a) The Commissioner may deny an application if the Commissioner, upon review of the application and other relevant information, determines that the applicant has not satisfied the requirements of 209 CMR 45.03 or 45.04, M.G.L. …. c. 169….
(b) The Commissioner may also deny such an application or the renewal thereof if the applicant has:
1. violated any provisions of M.G.L. …c. 169…. or 209 CMR 45.00;
2. violated or engaged in a pattern of violations of any state or federal law applicable to the conduct of the licensed business, or any rule, regulation, or administrative order or directive promulgated thereunder; any rule, regulation or administrative order or directive promulgated thereunder;
3. conducted, or will conduct, its business in an unsafe and unsound manner...
Grounds for license revocation, the issuance of cease and desist orders, or other disciplinary action shall include, but not be limited to, the prohibited acts and practices provided in 209 CMR 45.16(1) and (2).
2…… It shall also be a prohibited act or practice for: .…b. A licensed foreign transmittal agency to fail to forward all money received for transmission to a foreign country to the person to whom the same is directed within seven days following receipt thereof.
(1) All funds of clients deposited with a licensed foreign transmittal agency for transmittal to a foreign country shall be deposited in one or more client funds accounts maintained at a federally insured bank or credit union. Said account(s) shall contain only those funds collected for transmittal….. (4) No person licensed as a foreign transmittal agency shall commingle money collected from clients for transmission abroad with its own funds or use any part of a client's money in the conduct of the licensed foreign transmittal agency's business.
(a) Each money services business . . . shall develop, implement and maintain an effective anti-money laundering program . . . . that is reasonably designed to prevent the money services business from being used to facilitate money laundering and the financing of terrorist activities.
(b) The program shall be commensurate with the risks posed by the location and size of, and the nature and volume of the financial services provided by, the money services business.
Each financial institution other than a casino shall file a report of each deposit, withdrawal, exchange of currency or other payment or transfer, by, through, or to such financial institution which involves a transaction in currency of more than $10,000.
A report required by §1010.311 or §1021.311, shall be filed by the financial institution within 15 days following the day on which the reportable transaction occurred.
(1) Every money services business… shall file with the Treasury Department, to the extent and in the manner required by this section, a report of any suspicious transaction relevant to a possible violation of law or regulation….
(b) Filing procedures -
(3) When to file. A money services business subject to this section is required to file each SAR-MSB no later than 30 calendar days after the date of the initial detection by the money services business of facts that may constitute a basis for filing a SAR-MSB under this section….
A money services business’s anti-money laundering program shall, “(2) Designate a person to assure day to day compliance with the program and this part. The responsibilities of such person shall include assuring that (i) The money services business properly files reports, and creates and retain records, in accordance with applicable requirements of this part; (ii) The compliance program is updated as necessary to reflect current requirements of this part, and related guidance issued by the Department of the Treasury; and (iii) The money services business provides appropriate training and education in accordance with paragraph (d)(3) of this section.
The money services business’ anti-money laundering program shall [p]rovide education and/or training of appropriate personnel concerning their responsibilities under the program, including training in the detection of suspicious transactions to the extent that the money services business is required to report such transactions under this part.
The money services business’ anti-money laundering program shall [p]rovide for independent review to monitor and maintain an adequate program. The scope and frequency of the review shall be commensurate with the risk of the financial services provided by the money services business. Such review may be conducted by an officer or employee of the money services business so long as the reviewer is not the person designated in paragraph (d)(2) of this section.
With respect to Money Service Businesses that utilize foreign agents or counterparties, a Money Services Business’ anti-money laundering program must include risk-based policies, procedures, and controls designed to identify and minimize money laundering and terrorist financing risks associated with foreign agents and counterparties that facilitate the flow of funds into and out of the United States.… Specifically, a Money Services Business’ anti-money laundering program should include procedures for the following… (1) Conduct of Due Diligence on Foreign Agents and Counterparties… (2) Risk-based Monitoring of Foreign Agents or Counterparties… (3) Corrective Action and Termination…
[B]efore engaging or becoming financially interested or continuing to engage or be financially interested in the business of receiving deposits of money for the purpose of transmitting the same or equivalents thereof to foreign countries, shall make, execute and deliver to the state treasurer a bond in a sum equal to twice the average weekly amount of money or equivalents thereof transmitted to foreign countries by such person… but in no event shall the sum of the bond be less than fifty thousand dollars…
A licensee shall keep such books, accounts and records as will enable the commissioner to determine whether such licensee is in compliance with the provisions of this chapter and rules and regulations made pursuant thereto and any other law, rule and regulation applicable to the conduct of such business…”
Each licensee shall comply with 209 CMR 48.00: Licensee Record Keeping and shall keep and use its books, records, and accounts in a manner which will allow the Commissioner to determine whether the licensee is complying with the provisions of ….c. 169….;and state and federal laws and regulations, as applicable.
For each transmittal order [in the amount of $3,000 or more] that it accepts as a transmittor's financial institution, a financial institution shall obtain and retain either the original or a microfilm, other copy, or electronic record of the following information relating to the transmittal order:…
(F) As many of the following items as are received with the transmittal order: ….(3) Any other specific identifier of the recipient..
A remittance transfer provider must disclose to a sender, as applicable:
NOW THEREFORE, the Division sets forth the following charges against Century Union:
PRAYER FOR RELIEF
NOTICE OF RIGHT TO A HEARING
Administrative Hearings Officer
Division of Banks
1000 Washington Street, 10th Floor
Boston, Massachusetts 02118
Prosecuting Counsel for this matter is:
Division of Banks
1000 Washington Street, 10th Floor
Boston, Massachusetts 02118
By ORDER AND direction of the Commissioner of Banks.
Dated at Boston, Massachusetts, this 10th day of November, 2016.
By: Cynthia A. Begin
Chief Risk Officer
Commonwealth of Massachusetts