Department of Financial Institutions enters into a Settlement Agreement with Maniflo Money Exchange, Inc.
(San Francisco, CA) - California Department of Financial Institutions (DFI) Commissioner Michael A. Kelley announced today that he has entered into a Settlement Agreement with Maniflo Money Exchange, Inc. ("Maniflo"), a licensed money transmitter. Maniflo received a license from DFI on August 8, 1985, to engage in business as a money transmitter pursuant to Financial Code Chapter 14 (Section 1800).
DFI and Maniflo mutually agreed to enter into the Settlement Agreement ("Agreement") in recognition of their common goals to ensure safety and soundness and compliance with applicable laws, rules and regulations.
The Agreement was based on an investigation by DFI's Examinations and Legal Divisions, Maniflo has paid $25,000 to the Department, and the Commissioner has agreed to release Maniflo from any liability resulting from alleged violations of the California Financial Code related to unauthorized agents and an unreported branch office relocation.
DFI supervises over 700 financial institutions with assets totaling over $290 billion. The Department is responsible for administering state laws regulating state-licensed financial institutions: banks, credit unions, industrial banks, savings associations, trust companies, offices of foreign banks, issuers of travelers' checks and payment instruments (money orders), and transmitters of money abroad. DFI reports to Business, Transportation & Housing Agency Secretary Dale E. Bonner and Governor Arnold Schwarzenegger.