Money Transfer

News & Analysis as of

New Law Aims to Limit Anti-Money Laundering Compliance Burdens for Money Transmitters

On August 8, 2014, President Obama signed into law a bipartisan measure, The Money Remittances Improvement Act of 2014, that allows the Secretary of the Treasury to rely on state supervisory agency examinations covering...more

Judge Rakoff Rules that Bitcoin Is Money in New York Federal Court

On August 19, Judge Jed S. Rakoff of the US District Court for the Southern District of New York issued a ruling in the case of Robert Faiella, holding that bitcoins are “money,” citing the plain meaning of the term in The...more

FDIC Withdraws List of ‘Risky’ Businesses

In an unexpected move earlier this week, the FDIC issued a Financial Institution Letter (FIL) announcing that it was withdrawing the list of “risky” merchant categories that was included in prior guidance on account...more

FDIC withdraws list of “risky” businesses alleged to be targeted in “Operation Choke Point”

In an unexpected move earlier this week, the FDIC issued a Financial Institution Letter announcing that it was withdrawing the list of “risky” merchant categories that was included in prior guidance on account relationships...more

Admin Rulings: FinCEN Clarifies Money Transmitter Exemptions for Virtual Currency and Payment-Related Services

On April 29, 2014, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a series of administrative rulings determining whether five different companies constitute money services...more

Updated CFPB Rulemaking Agenda Adds Auto Finance Larger Participant Rule, Updates Timelines For Other Rules

The CFPB recently released its latest rulemaking agenda, which lists for the first time a larger participant rule that would define the size of nonbank auto finance companies subject to the CFPB’s supervisory authority. ...more

FinCEN Issues Five Advisory Rulings Concerning the Application of the Bank Secrecy Act’s Definition of “Money Transmitter” to...

The Financial Crimes Enforcement Network (“FinCEN”) published five administrative rulings (collectively, the “Rulings,” and each a “Ruling”) concerning the applicability of certain exemptions from money transmitter status to...more

California Moves to Amend Money Transmitter Law and Regulation

The California Assembly’s Committee on Banking and Finance held a hearing to discuss several proposed amendments to California’s Money Transmission Act. According to the author of the bill, the amendments “provide[] for...more

FinCEN Issues Five Rulings On Application Of BSA Regulations To Certain Activities

On April 29, FinCEN issued five rulings in response to companies who sought clarification regarding whether their company is a money service business under the BSA. In FIN-2014-R006, FinCEN determined that a company that...more

Banking & Financial Services E-Note

In This Issue: - Appeals Court Says Dodd-Frank Clause Violates 1st Amendment - Basel Committee Eases Derivatives Rule for Banks - CFPB Revises International Money Transfer Rule - AG Seeks More Enforcement...more

California Seeks Comments On Money Transmission Regulations

On March 26, the California Department of Business Oversight issued a request for comments on proposed changes to regulations impacting money transmitters. The Department is required to amend outdated regulations that...more

Dodd-Frank News - March 2014: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

In This Issue: - Recent Cases January Through March 2014 ..Dodd-Frank Amendments to RESPA ..Dodd-Frank Prohibition on Arbitration Clauses ..Whistleblower Protection Under Dodd-Frank - News &...more

International And Transfer Pricing Audits: Toronto Centre Canada Revenue Agency & Professionals Breakfast Seminar

At the Toronto Centre Canada Revenue Agency & Professionals Breakfast Seminar on February 18, 2014, the CRA provided an update on international and transfer pricing audits. The slides can be found here. The discussion was led...more

Borrower Beware: Loan Transactions can be a Taxable Event for U.S. Corporations that have Foreign Subsidiaries

A loan transaction is generally not thought of as resulting in a taxable event. But it can if the borrower is a U.S. corporation (U.S. Co.) with a foreign subsidiary (FS). More specifically, a loan transaction can trigger a...more

Banking - Cyprus: Restrictions on transfers of deposits or funds partially eased

Introduction - On January 17 2014 the Ministry of Finance published the 25th Decree, as required by Articles 4 and 5 of the Enforcement of Restrictive Measures on Transactions in Case of Emergency Law 2013. The decree...more

Court Upholds School District’s Transfer Of Money From Working Cash Fund

The Illinois Appellate Court recently upheld a lower court’s decision to strike down challenges to a school district’s use of its working cash fund. This case builds upon a recent amendment to the Working Cash Fund Article of...more

The CFPB Issues Proposed International Money Transfer Larger Participant Rule

Proposed rule would subject international money transmitters with at least one million aggregate annual transfers to the CFPB’s supervision and examination of compliance with federal consumer financial laws....more

FinCEN Publishes Administrative Rulings Further Clarifying When Virtual Currency Activity Constitutes Money Transmission

On January 30, 2014, the Financial Crimes Enforcement Network (“FinCEN”) of the United States Department of the Treasury published two administrative rulings directly addressing when specific virtual currency activities...more

CFPB Proposes Rule to Define Larger Participants of the International Money Transfer Market

Noting the challenges to providers and consumers, the CFPB issued a proposed rule to define “larger participants” of the international money transfer market that, when finalized, will hold certain nonbank international money...more

CFPB Proposes To Regulate Large International Money Transfer Providers

On January 23, 2014, the Consumer Financial Protection Bureau (“CFPB”) issued a proposed rule that would extend its regulatory authority to certain nonbank international money transfer providers....more

CFPB Proposes To Supervise Larger Nonbank International Money Transmitters

On January 23, the CFPB proposed a rule that would allow the agency to supervise nonbank “larger participants” in the international money transfer market. The proposed rule defines “larger participant” to include any entity...more

CFPB Proposes New “Larger Participants” Rule for Non-Bank International Money Transmitters

The Consumer Financial Protection Bureau (CFPB) has proposed a new rule to define “larger participants” of the market for non-bank international money transfers. Comments to the proposed rule will be accepted by the CFPB for...more

The CFPB Proposes to Supervise Nonbanks that Perform One Million or More International Money Transfers Per Year

On January 23, 2014, the Consumer Financial Protection Bureau (CFPB) proposed a rule whereby the definition of “larger participants” will be expanded to include nonbanks that perform one million or more international money...more

CFPB Proposes Definition of Larger Participants for the International Money Transfer Market

On January 23, 2014, the Consumer Financial Protection Bureau (“CFPB”) issued a proposed rule that would define which nonbank covered persons would be designated “larger participants” for purposes of the international money...more

CFPB issues proposal to supervise “larger participant” international money transfer providers

We had been expecting the CFPB’s next “larger participant” proposal to be a rule for the auto finance market. Instead, the CFPB issued a proposed rule yesterday that would allow it to supervise nonbank international money...more

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