Braz Transfers Inc. stops operating in Hawaii

Braz Transfers Inc., a Massachusetts-based money-transfer company licensed in Hawaii since 2009, has surrendered its state money transmitter license and has stopped doing business in Hawaii, the Hawaii Division of Financial Institutions said Tuesday,

The department said it had received reports of money transfers handled by the company that may not have been completed. The company primarily transferred money to Brazil, state officials said.

Massachusetts regulators shut down^[1] the Saugus-based business last week.

“The Division of Financial institutions will continue to pursue an action under Chapter 489D, Hawaii Revised Statutes against any company that engages in unsafe or unsound practices that may jeopardize consumer funds,” Commissioner of Financial Institutions Iris Ikeda Catalani said in a statement.

References

1. ^{^} shut down (www.bizjournals.com)