Remittance transfer examination procedures

Updated Oct. 23, 2013

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Summary

These procedures should be used to examine institutions that provide remittances in the normal course of business for compliance with protections afforded consumers in the United States who send remittances to individuals and businesses in foreign countries (including to accounts abroad). Examiners should complete a risk assessment, conduct necessary scoping, and use these procedures, in conjunction with the compliance management system review procedures, to conduct a remittance transfer examination.

Remittance Transfer Examination Objectives 

  1. To assess the quality of the regulated entity’s compliance risk management systems in its remittance transfer business. 
  2. To identify acts or practices that materially increase the risk of violations of federal consumer financial law and associated harm to consumers in connection with remittance transfers. 
  3. To gather facts that help to determine whether a supervised entity engages in acts or practices that are likely to violate Federal consumer financial law in connection with remittance transfers. 
  4. To determine, in accordance with Miss April internal consultation requirements, whether a violation of a federal consumer financial law has occurred and whether further supervisory or enforcement actions are appropriate.