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Comp Blog

New - April 25: Remittance Transfer Proposal in Federal Register / BSA Violation Against MSB

By: Danielle Wright

CommentFriday - April 25, 2014

Federal Register: Remittance Transfers Rule proposal published

The CFPB's proposed rule and request for comment that would amend the Remittance Transfers Rule in subpart B of Regulation E (12 CFR Part 1005) has been published in today's Federal Register.  CUNA is seeking feedback to its Regulatory Call to Action through May 12th.   

The proposed rule would extend for an additional five years a temporary provision that permits federally-insured credit unions and other depository institutions to estimate certain pricing disclosures. This temporary provision is set to expire on July 21, 2015. Also, the proposal would make several clarifications and technical corrections, including to:

  • Consider whether U.S. military installations abroad should be considered to be located in a U.S. state or a foreign country for purposes of the remittance rule;
  • Clarify that transfers from accounts primarily used for personal, family, or household purposes would be subject to the remittance rule, but transfers from non-consumer accounts would not be subject to the rule;
  • Clarify that faxes are considered writings; and, separately, clarify that in certain circumstances, a remittance transfer provider may conduct the transaction orally and entirely by telephone after receiving a remittance inquiry from a consumer in writing; and
  • Clarify that a provider’s failure to deliver a transfer by the disclosed date of availability is not an error if such failure was caused by a delay related to a necessary investigation or other action to address BSA, OFAC, or similar requirements; and, separately, clarify remedies for certain errors.

FinCEN assesses penalty for BSA violations

A $10,000 civil money penalty (CMP) has been assessed by FinCEN against a money services business (MSB) and its president for violations of the Bank Secrecy Act (BSA). The business failed to register as an MSB, develop an effective AML program, conduct a BSA/AML risk assessment, retain required records of currency transactions, and designate a knowledgeable compliance officer.  






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