Regulatory Alerts2026-06-22
Added · Updated
Multi-State Enforcement Action against Ramad Pay, Inc. for AML/CFT Violations
The Texas Department of Banking and the Colorado Division of Banking issued a joint enforcement action against Ramad Pay, Inc. for deficiencies in its anti-money laundering and countering the financing of terrorism compliance program. Under a Consent Order effective June 18, 2026, the company agreed to pay a penalty, hire an independent third party to verify corrective actions, and submit quarterly progress reports for up to two years. Ramad Pay settled the matter without admitting violations of state or federal laws or regulations.
Media Contact: media@dob.texas.gov PRESS RELEASE Date: June 22, 2026 Multi-State Enforcement Action against Ramad Pay, Inc. for AML/CFT Violations The Texas Department of Banking (Department), in coordination with the Colorado Division of Banking, has taken joint enforcement action against Ramad Pay, Inc. (Ramad Pay) for violations related to its anti-money laundering/countering the financing of terrorism (AML/CFT) compliance program. Ramad Pay, headquartered in Minneapolis, Minnesota, is licensed to transmit money on behalf of customers within the United States. In this Consent Order, effective June 18, 2026, Ramad Pay agreed to pay a penalty to the state agencies; correct deficiencies in its AML/CFT program; hire an independent third party to verify corrective actions in the program; and submit quarterly progress reports for up to two years to the state agencies. Ramad Pay agreed to the issuance of the Order without admitting violation of state or federal laws or regulations. Texas residents who have questions about the enforcement action should contact the Department’s Non-Depository Supervision division by email at msb@dob.texas.gov or toll free at 877-276- 5554.