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#1765246 - 12/07/12 06:33 PM "Remittance Transfer Provider"
CO Officer Offline
100 Club
Joined: Feb 2003
Posts: 202
USA
If we handle international wires for a smaller correspondent bank - which bank is responsible for Reg. E compliance? The correspondent or the bank actually sending the wire?

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Remittance Transfer Rule
#1765405 - 12/07/12 09:49 PM Re: "Remittance Transfer Provider" CO Officer
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Unless there is an agency thing going on (smaller bank acts as agent for bigger bank), it's the bank that deals with the consumer sending the transfer that is responsible for compliance.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

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