TITLE: Florida Office of Financial Regulation Issues Final Order Against Primo Latino Grocery Store Inc for Money Services Business Violations
BODY:
On March 31, 2026, the Florida Office of Financial Regulation (OFR) issued a Final Order against Primo Latino Grocery Store Inc and MD S Islam, the sole owner, president, and compliance officer, imposing an administrative fine of $11,875.00 for violations of chapter 560, Florida Statutes.
The OFR conducted an examination of Primo Latino's operations for the period July 1, 2023 to June 30, 2025. The examination identified five separate violations of money services business requirements. Primo Latino failed to maintain bank statements for its Truist Bank account in violation of Rule 69V-560.704(3)(c), Florida Administrative Code. The business failed to timely notify the OFR of changes to its banking information, with the addition of the Truist Bank account reported 957 days late and the removal of a Wells Fargo account not reported. Primo Latino failed to submit all eight required quarterly reports within the 45-day deadline specified by Rule 69V-560.602(1), Florida Administrative Code. The business also failed to maintain complete records for returned payment instruments as required by Rule 69V-560.704(3)(a), Florida Administrative Code. Most significantly, of 1,749 payment instrument records reviewed, all lacked copies of the reverse side, violating section 560.310(1), Florida Statutes, which requires maintenance of both front and back copies. This violation rate of 100 percent triggered a 25 percent aggravating factor adjustment to the penalty.
Primo Latino failed to respond to the Administrative Complaint within the required 21-day period following service on December 13, 2025, thereby waiving its right to an administrative hearing. The fine must be paid within 30 days of the Final Order via wire, money order, or cashier's check payable to the Office of Financial Regulation, referencing Case Number 134117.