Good Morning,

How should an international wire transfer from a DBA account be treated under the remittance rule?

Would this be considered consumer or business?

I don't think you could make that determination based solely on the account type. It could be either, and without asking, unless it's clear based on the recipient and the type of DBA you're working with, I think it's safer to assume consumer. But why assume when you can ask. Might be a field or check box somewhere that should be added to a form.

You may have missed the fact that the Bureau has made this decision easier. If the account is established primarily as a business account, you can treat the transfer as being not being for personal, family or household purposes.

Check out comments 30(g)-2 and -3. They were changed in the most recent amendment to the regulation. Although the amendments aren't technically effective until 11/17/14, this change was made to the commentary, which is an interpretation, and you should be able to rely on it now.

I agree it would be helpful to have more information to make a sufficient interpretation.

Butin the event we don't have that information available, could the case be made that because this wire was originated from an account type rooted in business purpose, that it is safe for the bank to rely on that for its final determination?

Comment 3 says you can do that very thing.

It occurred to me that you might be looking at the current commentary language. If you look at the version of the regulation on our site, you'll see the updated wording.

http://www.bankersonline.com/regs/12-1005/12-1005-030.html, then do a "find-in-page" for "non-consumer accounts" and it will jump to the comment in question. We updated the commentary without waiting for the November effective date.

Thanks for your help John. I found that commentary and that's exactly the clarification we were looking for.