Department of Financial Institutions enters into a Settlement Agreement with Kelsea Thi Dao
San Francisco – California Department of Financial Institutions (DFI) Acting Commissioner Brian Yuen announced today that he has entered into a Settlement Agreement with Kelsea Thi Dao (“Dao”), an employee and shareholder of Anh Minh Transfer, Inc., a licensed money transmitter. Anh Minh Transfer, Inc. received a license from DFI on December 16, 1998, to engage in business as a money transmitter pursuant to Financial Code Chapter 14 (Section 1800).
DFI and Dao 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. Dao has paid $2,000 to the Department, and the Acting Commissioner has agreed to release Dao from any further liability resulting from her alleged violation of California Financial Code Section 1804 related to unauthorized acquisition of control.
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.