Department of Financial Institutions enters into a Settlement Agreement with Antequera, 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 Antequera, Inc. (“Antequera”), a licensed money transmitter. Antequera received a license from DFI on March 21, 2003, to engage in business as a money transmitter pursuant to Financial Code Chapter 14 (Section 1800).
DFI and Antequera 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, Antequera has paid $15,000 to the Department, and the Commissioner has agreed to release Antequera from any liability resulting from alleged violations of the California Financial Code related to unapproved and unlicensed branch offices.
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.
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