The State Organization Index provides an alphabetical listing of government organizations, including commissions, departments, and bureaus.
Top-requested sites to log in to services provided by the state
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:
A. Failure to Demonstrate the Financial Responsibility, Character, Reputation, Integrity, and General Fitness to Maintain a Foreign Transmittal Agency License.
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 to engage in the business of a foreign transmittal agency, if the Commissioner upon review of the application and other relevant information, determines that the Applicant has not satisfied the requirements of M.G.L. c. 169 or 209 CMR 44.03.
(b) The Commissioner may also deny such an application if the Applicant has:
B. Failure to Comply with Anti-Money Laundering (AML) Requirements for Money Service Businesses (MSBs) with Respect to Foreign Agents or Foreign Counterparts
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...
i. Failure to Develop and Implement Adequate AML Policies and Procedures
ii. Failure to use authorized institutions to settle payment orders
iii. Failure to conduct due diligence on foreign counterparties
C. Failure to remit customer funds within 7 days
All money received for transmission to a foreign country by any licensee shall be forwarded to the person to whom the same is directed within seven days following receipt thereof...
Grounds for license revocation under M.G.L. c. 169, § 12 and the issuance of cease and desist orders under M.G.L. c. 169, § 13 shall include, but are not limited to, the following prohibited acts and practices by Licensees: (5) failing 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.
D. Failure to Implement an Effective Anti-Money Laundering Program
(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.
(d) At a minimum, the program shall:
(1) Incorporate policies, procedures, and internal controls reasonably designed to assure compliance with this chapter.
(2) Designate a person to assure day to day compliance with the program and this chapter
(3) Provide 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 chapter.
(4) Provide for independent review to monitor and maintain an adequate program
i. Failure to file accurate Currency Transaction Reports (CTRs) within required timeframe
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.
ii. Failure to file Suspicious Activity Reports (SARs)
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.
iii. Failure to perform duties of a Compliance Officer
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.
E. Failure to Maintain Books, Records and Accounts
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 keep and use within the Commonwealth its books, records and accounts in a manner which will allow the Commissioner to determine whether the Licensee is complying with the provisions of M.G.L. c. 169 and applicable state and federal laws and regulations.
F. Failure to Maintain Compliant Transactional Receipts.
A remittance transfer provider must disclose to a sender, as applicable:
ii. Any fees imposed and any taxes collected on the remittance transfer by the provider, in the currency in which the remittance transfer is funded, using the terms “Transfer Fees” for fees and “Transfer Taxes” for taxes, or substantially similar terms;
vii. The amount that will be received by the designated recipient, in the currency in which the funds will be received, using the term “Total to Recipient” or a substantially similar term...
i. The disclosures described in paragraphs (b)(1)(i) through (viii) of this section;
ii. The date in the foreign country on which funds will be available to the designated recipient, using the term “Date Available” or a substantially similar term. A provider may provide a statement that funds may be available to the designated recipient earlier than the date disclosed, using the term “may be available sooner” or a substantially similar term;
Except as provided in § 1005.36(a), a pre-payment disclosure required by paragraph (b)(1) of this section or a combined disclosure required by paragraph (b)(3) of this section must be provided to the sender when the sender requests the remittance transfer, but prior to payment for the transfer.
G. Failure to notify and obtain prior approval from the Division of an agent closing
Relocations and Closings shall obtain the Commissioner’s written prior approval of any change in or closing of a Massachusetts location. Written application to the Commissioner shall be made prior to any such change or closing and shall contain such other information as the Commissioner may require.
H. Failure to Submit Accurate Annual Reports
A Licensee shall annually on or before January 31, file an annual report with the Commissioner. The Licensee shall submit the following information:
(2) aggregate and other information on the amount of funds transmitted abroad and the profit or loss from such activity.
I. Other Violations
NOW THEREFORE, the Division sets forth the following charges against Real Transfer:
All papers filed with the Division shall be addressed to the attention of:
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 4th day of December, 2014
Cynthis A. Begin
Chief Risk Officer
Commonwealth of Massachusetts