TITLE: Florida Office of Financial Regulation Issues Final Order Against Smart Transfer Solutions LLC for Net Worth Violation
BODY:
On March 7, 2026, the Florida Office of Financial Regulation (OFR) issued a Final Order against Smart Transfer Solutions LLC, doing business as Cubatel Remesas, and Osniel Hernandez, its President and 60 percent owner. The order concluded an examination (No. 130394) conducted by the OFR to assess the respondents' compliance with Chapter 560, Florida Statutes, which governs money services businesses in the state.
Smart Transfer Solutions LLC held a Part II Money Services Business licence (FT230000430) at the time of the examination. The OFR identified that the respondents failed to maintain the required net worth of $110,000, in violation of Section 560.209(1), Florida Statutes. Rather than pursue formal litigation, the parties executed a Stipulation and Consent Agreement to resolve the matter expeditiously.
Under the settlement terms, the respondents agreed to cease and desist from future violations of Chapter 560, Florida Statutes, and to comply fully with all provisions of the statute and its implementing rules. The OFR imposed an administrative fine of $1,750, which the respondents were required to pay at the time of execution and delivery of the agreement. Payment was to be submitted via wire transfer, cashier's cheque, or money order made payable to the Office of Financial Regulation and referenced Case Number 132919.
The Final Order incorporated the Stipulation and Consent Agreement as the OFR's Findings of Fact and Conclusions of Law. By consenting to the Final Order, the respondents waived their rights to an administrative hearing, a Recommended Order, and any right to appeal or contest the agreement's terms in any administrative or judicial forum.
REFERENCES:
State of Florida Office of Financial Regulation. (2026). Final Order and Stipulation and Consent Agreement. Case Number 132919. OFR 2026-155.