meta_id 3372970

On August 3, 2026, the Florida Office of Financial Regulation (OFR) entered a Final Order resolving an enforcement action against South Exchange, Inc. and Silvio Anspach, the company's president and 90 percent owner. The OFR had issued an Administrative Complaint on March 11, 2025, following an examination of South Exchange's compliance with Chapter 560, Florida Statutes, which governs money services businesses. Under the Stipulation and Consent Agreement, South Exchange and Anspach consented to findings that they violated multiple provisions of Chapter 560 and related rules. The violations included failing to report aggregated cashed checks exceeding $1,000 to the Check Cashing Database (CCDB); failing to timely report changes in financial information; failing to maintain and deposit payment instruments into their own commercial account; failing to obtain and maintain required information for incoming and outgoing payment orders under their anti-money laundering (AML) manual; and failing to include all required provisions in vendor agreements. As settlement terms, South Exchange and Anspach agreed to cease and desist from violations of Chapter 560 and comply with all its provisions. The respondents also agreed not to cash checks totalling $1,500 or more in the aggregate for five years from the Final Order date. This restriction applies to individual checks of $1,500 or more and multiple checks from any single person or entity that aggregate to $1,500 or more on any given day. The OFR imposed an administrative fine of $10,000, which the respondents agreed to pay by wire, cashier's check, or money order. By consenting to the Final Order, South Exchange and Anspach waived their rights to an administrative hearing and appeal.