Heat the olive oil in a Dutch oven over medium heat. Add the onion, bell peppers and garlic cloves. Cook, stirring occasionally, until softened and fragrant, about 5 minutes.
Move the sofrito to one sife of the pan and add beef chunks to the pot and cook, stirring occasionally, until browned on all sides, about 10 minutes.
Stir in cumin, salt, black pepper and sazon con achiote. Stir and combine coating the beef evenly with the spices.
Add bay leaves, tomato sauce, dry cooking wine, and water. Stir to combine, bring to a simmer, then reduce heat to low, cover, and cook for 60 minutes.
Stir in potatoes, peeled and cut into large chunks and green olives. Cover and continue cooking on low heat until the potatoes are fork-tender, about 25 minutes
Remove the bay leaves, taste and adjust salt if needed, then let rest for a few minutes before serving over white rice.