Remittance Transfer Rule
Starting Monday, October 28, 2013, the money transmitter laws for “remittance transfers,” are changing. The Division of Financial Institutions (“DFI’) is providing the attached flyer for your information. A “remittance transfer” is an electronic transfer of money from a consumer in the United States to a person or business in a foreign country (whether by a wire transfer, an automated clearing house (ACH) transaction, or another method).
The flyer provides a summary and some key points about the Remittance Transfer Rule. You must provide contact information for DFI and CFPB on your receipts.
Please follow the link provided on the notice to the Consumer Financial Protection Bureau’s website posting the final rule, a more detailed summary of the rule, model forms, and resources to help you comply with the Remittance Transfer Rule (such as a plain language compliance guide and a compliance video).