Money Transmitter Surrenders Hawaii License: Company Allegedly Illegally Remitted Money to Brazil

REPORT FROM THE DCCA – The Hawaii Division of Financial Institutions, Department of Commerce and Consumer Affairs announced today that Braz Transfers, Inc., surrendered its Hawaii money transmitter license and has ceased operating in Hawaii.

Braz Transfers, Inc., has been licensed with the Division since 2009 to offer foreign transmittal services in Hawaii. Braz Transfers primarily transferred funds to Brazil.

DFI has received reports of some money transfers originated by Braz Transfers, Inc. in Hawaii that may not have been completed. There has also been at least one investigation in another state has been opened that alleges illegal activity by the company.

 “The Division of Financial institutions will continue to pursue an action under Chapter 489D, Hawaii Revised Statutes against any company that engages in unsafe or unsound practices that may jeopardize consumer funds,” said Commissioner of Financial Institutions Iris Ikeda Catalani.

For consumers who may have money transmissions unpaid by Braz Transfers, Inc., send a receipt of the money transmission to:

Mailing address:
Division of Financial Institutions
Department of Commerce and Consumer Affairs
P.O. Box 2054
Honolulu, HI 96805

or

Division of Financial Institutions
Department of Commerce and Consumer Affairs
King Kalakaua Building
335 Merchant Street, Rm. 221
Honolulu, HI 96813

The Division of Financial Institutions ensures the safety and soundness of state-chartered and state-licensed financial institutions, and ensures regulatory compliance by state-licensed financial institutions, escrow depositories, money transmitters, mortgage servicers, mortgage loan originators and mortgage loan originator companies, by fairly administering applicable statutes and rules, in order to protect the rights and funds of depositors, borrowers, consumers and other members of the public.

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