Category: Policy & Compliance

Updates to remittance transfer rule resources and a correction to the rule

We strive to make financial markets work for both consumers and the entities we regulate. Critical to that goal is making sure that businesses – both small and large – have what they need to understand and comply with our new regulations, which are designed both to help consumers and make a fair playing field for companies that play by the rules.

Today, we’re releasing an update of our small business guide for our international electronic money transfers rule (also known as the remittance rule). This updated guide reflects the most recent changes to the rule and will make it easier to understand the requirements, which will take effect on October 28, 2013. Although the guide is not a substitute for the rule, it highlights issues that businesses, in particular small businesses and those that work with them, should consider while implementing the new requirements.

Along with the guide, we are releasing a video that gives an overview of the rule, the recent changes, and our responses to questions raised regarding interpretation and implementation of the rule.

These versions of the guide and video replace those versions released in late 2012 and which are now out-of-date.

We are also making a technical correction to the remittance rule to make a clarification and correct an error to the May 22, 2013 amendments.

More compliance resources

We have some more information to help industry understand and comply with the new requirements, including:

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