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OFR Notification Events

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You monitor all events that require notification to the Florida Office of Financial Regulation (OFR). You prepare each notification and transmit it by registered mail within the required deadline. You retain all notification documentation in the compliance file.

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Seven events each require written notification to the OFR within 30 calendar days:

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Material changes to Rapido Facil Exchange Co.'s original license application also require 30-day registered mail notification. These changes include:

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Any replacement of the designated BSA/AML Compliance Officer must be reported to the OFR promptly. The incoming BSA/AML Compliance Officer must complete a background screening before assuming compliance responsibilities. This ensures the OFR's record of compliance authority remains current and accurate.

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If Rapido Facil Exchange Co. loses access to its federally insured depository account, you must notify the OFR in writing. Notification is required within 5 business days of the account closure or interruption. The notification must identify the affected account and the reason for account loss. It must also describe the steps being taken to secure replacement banking. Prompt notification demonstrates active compliance and preserves Rapido Facil Exchange Co.'s licensed operating status.

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For each notification event, follow these steps:

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  1. Confirm the triggering event and the exact date it occurred.
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  2. Prepare written notification. Include Rapido Facil Exchange Co.'s legal name and OFR license number. Add a description of the event, the date of occurrence, and your direct contact information.
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  3. Transmit the notification to the OFR by registered mail. The deadline is 30 calendar days for the events listed above. The deadline is 5 business days for account loss. Registered mail creates a delivery record that proves timely dispatch.
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  4. Retain the registered mail receipt and a copy of the notification for no fewer than 5 years. Retention of both documents protects Rapido Facil Exchange Co. if the OFR later questions whether notification was timely.
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  5. When a notification event also triggers a SAR, CTR, or other federal filing, coordinate all filing deadlines. Each obligation has an independent deadline that does not extend the others.
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", "narration_text": "You monitor all events that require notification to the Florida Office of Financial Regulation (OFR). You prepare each notification and transmit it by registered mail within the required deadline. You retain all notification documentation in the compliance file.\r\n\r\nSeven events each require written notification to the OFR within 30 calendar days:\r\n\r\nBankruptcy filing by Rapido Facil Exchange Co. or any affiliated party\r\nLicense suspension or revocation proceeding initiated against Rapido Facil Exchange Co.\r\nFelony indictment of Rapido Facil Exchange Co. or any affiliated party related to MSB operations\r\nFelony conviction, guilty plea, or nolo contendere plea by Rapido Facil Exchange Co. or any affiliated party\r\nInterruption, cancellation, or material change to the required surety bond\r\nCriminal act committed by an affiliated party against Rapido Facil Exchange Co.\r\nNotification received that Rapido Facil Exchange Co. or any affiliated party is under criminal investigation\r\n\r\nMaterial changes to Rapido Facil Exchange Co.'s original license application also require 30-day registered mail notification. These changes include:\r\n\r\nLegal name change or trade name change\r\nChange in controlling person — any person with authority to vote or direct the sale of 25% or more of a class of voting securities\r\nChange in principal officers or directors\r\nChange in business address or location of any licensed outlet\r\nCommencement of material litigation that may affect licensure or operations\r\nRegulatory or administrative action initiated against Rapido Facil Exchange Co. in any other jurisdiction\r\n\r\nAny replacement of the designated BSA/AML Compliance Officer must be reported to the OFR promptly. The incoming BSA/AML Compliance Officer must complete a background screening before assuming compliance responsibilities. This ensures the OFR's record of compliance authority remains current and accurate.\r\n\r\nIf Rapido Facil Exchange Co. loses access to its federally insured depository account, you must notify the OFR in writing. Notification is required within 5 business days of the account closure or interruption. The notification must identify the affected account and the reason for account loss. It must also describe the steps being taken to secure replacement banking. Prompt notification demonstrates active compliance and preserves Rapido Facil Exchange Co.'s licensed operating status.\r\n\r\nFor each notification event, follow these steps:\r\n\r\nConfirm the triggering event and the exact date it occurred.\r\nPrepare written notification. Include Rapido Facil Exchange Co.'s legal name and OFR license number. Add a description of the event, the date of occurrence, and your direct contact information.\r\nTransmit the notification to the OFR by registered mail. The deadline is 30 calendar days for the events listed above. The deadline is 5 business days for account loss. Registered mail creates a delivery record that proves timely dispatch.\r\nRetain the registered mail receipt and a copy of the notification for no fewer than 5 years. Retention of both documents protects Rapido Facil Exchange Co. if the OFR later questions whether notification was timely.\r\nWhen a notification event also triggers a SAR, CTR, or other federal filing, coordinate all filing deadlines. Each obligation has an independent deadline that does not extend the others." }