Number of licenses:
|License Types||Count as of
|Count as of
|Money Transmitter - Authorized Delegates||11,930||11,390|
|Currency Exchanger - Main||6||5|
|Currency Exchanger - Authorized Delegates||6||6|
It is very important to keep up to date with regulatory changes that affect the industry. The areas of money transmission and currency exchange are particularly well suited for change due to innovation in technology and new emerging business models. State and Federal regulators must review business models that have never been seen before, and adjust regulations accordingly. Whether it is FinCENís guidance on prepaid access or virtual currency, or a new state requirement, keeping up to date on regulatory changes will help you remain in compliance.
You are receiving this newsletter through our electronic ListServ notifications that provide important updates. Are there others in your company that would benefit from this information that have not yet signed up? We periodically make sure that at least one individual from the company is signed up (typically the Responsible Individual), but it may benefit your company to have other key personnel signed up as well. In addition, if you have key personnel changes, do you have processes to make sure your new key employees join the ListServ? Having multiple people on the ListServ may help make sure you donít miss important information just because you have a personnel change.
The Consumer Financial Protection Bureau (CFPB) has issued rules to protect consumers who send money electronically to foreign countries. The rule was initially issued on January 20, 2012, and has been amended since. The amendments implement statutory requirements set forth in the Dodd-Frank Act. The final rule provides new protections, including disclosures and error resolution and cancellation rights, to consumers who send remittance transfers to other consumers or businesses in a foreign country.
The 2013 Final Rule is effective on October 28, 2013. The CFPB has lots of information regarding this new rule available on its website, including the complete final rule, a compliance guide, and model forms. Questions about interpretation or application should be made to: CFPB_RemittanceRule@cfpb.gov, or (202) 435-7700.