November 5, 2012 –
Have you developed your international remittance transfer rule compliance plan?

Time is running out for many financial institutions and money services businesses that offer international remittances for their consumer customers.

Earlier this year, the Consumer Financial Protection Bureau (“CFPB”) issued final rules amending Regulation E (the “International Remittance Rules”) that provides new protections including mandatory disclosures, error resolution and cancellation rights to consumers who send remittance transfers to consumers or businesses in a foreign country.

With the February 7, 2013 compliance deadline right around the corner, many remittance transfer providers are assessing the impact the International Remittance Rules have on their day-to-day operations as well as implementing an action plan to ensure they are fully compliant by the prescribed effective date of the International Remittance Rules.

As Florida’s law firm for business and leader in regulatory compliance matters (particularly in the realm of international banking/financial services), Gunster stands ready to counsel its banking/financial services clients and support them in developing their compliance plan and the policies and procedures that will be necessary to address the various disclosure, error resolution and estimate requirements that must be complied with once the International Remittance Rules take effect.

For more information about the International Remittance Rules and the obligations of financial institutions and money services businesses in connection therewith, please contact Clemente Vazquez-Bello, Andres A. Fernandez or Gabriel Caballero.