Consumer Foreign Remittance Transfer Processing – ON-DEMAND WEBINARS


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SKU: SWREM Category:

Recorded: November 20, 2020

Presented by: Mr. Mark Dever, CAMS, VP and Senior Consultant, FORVIS

A two-hour webinar to update members of the sales and compliance communities on the opportunities and challenges presented when providing consumer foreign remittance transfers.

Providers of consumer international remittance transfers as part of the “normal course of business” are required to provide certain disclosures to the consumer. The original Rule contained provisions allowing remittance transfer providers to make “reasonable estimates” in those disclosures, provisions which expired on July 21, 2020. This Final Rule, published in the Federal Register on June 5, 2020, contains amendments to the Remittance Transfer Rule that expands the “normal course of business” definition, and created two new tailored exceptions that permit insured institutions to disclose estimates of certain fees and exchange rates if certain conditions are met. This webinar will review the provisions contained within the Final Rule.

Here’s What You’ll Learn:

  • Increases in the Remittance Transfer Rule’s “normal course of business” Safe Harbor;
  • Permanent exceptions to permit insured institutions to continue to estimate the exchange rate;
  • Permanent exceptions to permit insured institutions to continue to estimate covered third-party fees;
  • Review the Safe Harbor Countries list; and
  • Allow questions from participants.

Well intended at its formation, Subpart B of Regulation E provides protection to consumers wishing to send foreign consumer remittance transfers. This two-hour webinar from FORVIS will provide the compliance and product staffs with a current “snapshot” of the amendments to the Consumer Remittance Transfer Rule.

Who Should Listen

This program will be of most value to members of the compliance and product management, communities. The program will also be helpful to senior audit managers and members of the audit team responsible for performing the independent testing for compliance with Regulation E.

Program Level: Basic to Intermediate

Prerequisite/Advanced Preparation: Basic Knowledge of BSA AML Compliance Rules

Field of Study: Specialized Knowledge

Copyright Disclaimer

Any recording, transmission, retransmission, or republishing of any portion of this webinar is prohibited.