Department of Financial Institutions enters into a Settlement Agreement with Le’s Intercontinental Money Transfer, Inc.
San Francisco- California Department of Financial Institutions (DFI) Commissioner Howard Gould announced today that he has entered into a Settlement Agreement with Le’s Intercontinental Money Transfer, Inc. (“Le’s”), a licensed money transmitter. Le’s received a license from DFI on October 15, 1999, to engage in business as a money transmitter pursuant to Financial Code Chapter 14 (Section 1800).
DFI and Le’s 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. Le’s has paid $5,000 to the Department, and the Commissioner has agreed to release Le’s from any further liability resulting from alleged violations of the California Financial Code related to untimely and incomplete reporting.
DFI supervises over 650 financial institutions. 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. The Department reports to Sunne Wright McPeak, Secretary of the Business, Transportation and Housing Agency and Governor Arnold Schwarzenegger.
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