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Working to help industry understand and comply with the new remittance rule: Countries list and webinar

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Updated on August 8, 2013: The remittance rule goes into effect October 28, 2013. Visit the remittance rule page for additional information regarding the rule including the most recent updates.

The rule to implement the consumer protections created by the Dodd-Frank Act for certain electronic transfers of funds to other countries – the remittance rule – will go into effect on February 7, 2013. We’re undertaking a number of efforts to help industry understand and comply with the new requirements. These include: releasing a list of countries and other areas to which a particular exception to the rule’s disclosure requirements applies, hosting a webinar, answering specific questions, and releasing a small business guide.

What is the countries list?

The remittance rule generally requires disclosure of, among other things, exact amounts to be received in a foreign currency, fees, and taxes, but estimates of these amounts are permitted in several situations. One situation where estimates are allowed is when the provider cannot determine exact amounts because of the laws of the recipient country. We are interpreting the exception regarding the laws of a recipient country to apply to these countries and other areas.

Webinar October 16th

Join us for a free, 90 minute webinar about the new requirements for remittance transfer providers on October 16th at 2:30 p.m. EST. We’ll give an overview of the rule and answer questions about compliance.

The webinar should be useful for money transmitters, banks, credit unions, and other companies that send money abroad for consumers, as well as other organizations that work with or represent consumers who send money abroad. Agents, software providers, foreign banks and others involved in international fund transfers from the United States may also be interested.

Small business guide

In the coming weeks, we will release a small business compliance guide to give more help to smaller entities that have to comply with the rule.

Questions?

While we expect to answer many questions at the webinar, our team can also answer additional questions about the rule. You can reach us at (202) 435-7700.

  • dbanker

    What time will the webinar happen?

  • http://twitter.com/OCKimblePhoto Kimble Photography

    Also curious to know what time.

  • John Burnett

    Will the Remittance Transfers webinar be archived and available after the live session?

    • Shannon Phillips

      I’d like to know that too!

  • dbanker

    2:30 eastern according to the ABA announcement that came out today.

  • TBreihahn

    how long is the webinar?

  • CBank

    Anybody know if and what the fee is for this webinar and if it’s open to all or do u have to be a member??

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