01/11/2019 | Press release | Distributed by Public on 01/11/2019 14:51
Atlanta, Georgia - On January 9, 2019, the Georgia Department of Banking and Finance ('Department') issued a Final Order revoking the money transmitter license of RANA Financial, LLC ('RANA'), NMLS No. 1057422, located at 817 West Sample Road, Pompano Beach, FL 33064. The Final Order also ordered Ronildo Freitas, owner and CEO of RANA, NMLS No. 1047008, to cease and desist.
The Final Order was issued by the Department following a hearing on a Notice of Intent to Revoke Money Transmitter License and proposed Order to Cease and Desist based on a number of violations, including failure to perform Georgia Crime Information Center ('GCIC') background checks on covered employees in violation of O.C.G.A. § 7-1-684(e), purposeful withholding information requested by the Department in violation of O.C.G.A. §§ 7-1-689(f)(4) and 7-1-692(a)(6), and demonstrated incompetency and untrustworthiness to engage in money transmission in violation of O.C.G.A. § 7-1-692(a)(4).
Pursuant to O.C.G.A. § 7-1-684, applicants and licensees have the primary responsibility for obtaining background checks on covered employees. Such background checks shall be handled by GCIC pursuant to O.C.G.A. § 35-3-34 and conducted prior to the initial date of hire.
Georgia law prohibits any person subject to investigation of examination under Article 4 of the Financial Institutions Code of Georgia to knowingly withhold any books, records, documents, or other information. O.C.G.A. § 7-1-689(f)(4). Pursuant to O.C.G.A. § 7-1-692(a)(6), the Department is authorized to revoke an original or renewal license if it finds that the licensee or the authorized agent purposely withheld information requested by an examiner of the Department.
Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371
E-mail: [email protected]
The Department is the state agency that regulates and examines Georgia state-chartered banks, state-chartered credit unions, and state-chartered trust companies. The Department also has responsibility for the supervision, regulation, and examination of Merchant Acquirer Limited Purpose Banks (MALPBs) chartered in Georgia. In addition, the Department has regulatory and/or licensing authority over mortgage brokers, lenders and processors, mortgage loan originators, check cashers, sellers of payment instruments, money transmitters, international banking organizations, and bank holding companies conducting business in Georgia.