meta_id 3464352

On September 2026, the Florida Office of Financial Regulation (OFR) entered a Final Order resolving an enforcement action against Gulf Management Systems, Inc., a Part 11 Money Services Business licensed under Florida Statutes chapter 560. The matter, Case Number 135153, was resolved through a Stipulation and Consent Agreement without formal proceedings. The OFR conducted examination number 132380 to assess Gulf Management Systems' compliance with chapter 560, Florida Statutes. The examination identified three compliance violations. Gulf Management Systems failed to timely report the closing or opening of bank accounts, in violation of Rule 69V-560.201(2), Florida Administrative Code. The company also failed to timely and accurately submit quarterly reports in the format and with the information specified by rule, violating Rule 69V-560.602(1), Florida Administrative Code. Additionally, Gulf Management Systems failed to implement an anti-money laundering (BSA/AML) policy and procedure, in violation of section 560.114(1)(y), Florida Statutes. Under the settlement agreement, Gulf Management Systems agreed to cease and desist from future violations of chapter 560, Florida Statutes, and comply with all provisions of the statute and its implementing rules. The company also agreed to pay an administrative fine of three thousand five hundred dollars ($3,500.00). The fine was to be submitted by wire, cashier's check, or money order made payable to the Office of Financial Regulation, referencing Case Number 135153, and sent to the Agency Clerk at Post Office Box 8050, Tallahassee, Florida 32314-8050. Charles Billone, Director, Chief Financial Officer and Sole Owner of Gulf Management Systems, Inc., executed the agreement. By entering into the settlement, Gulf Management Systems waived its rights to an administrative hearing, appeal, and other procedural protections under Florida Statutes chapter 120.