Remittance Transfer Disclosure Tracking

Posted By: Mel in WA

Remittance Transfer Disclosure Tracking - 04/12/22 08:48 PM

For consumer foreign wires, we capture in the 'bank use only' section how the disclosure was provided (in person/verbal). We are changing the disclosure to the vendor's format, which does not have a section to document how it was provided.

If we are already capturing how the wire was received (walk in, phone, email) when the wire information is being entered, do we need to track how the disclosure was provided? If yes, it would be a manual process, which is not ideal.
Posted By: John Burnett

Re: Remittance Transfer Disclosure Tracking - 04/13/22 07:27 PM

Ideally, yes, since the ways in which you are allowed to disclose are controlled by the way in which the service request is received.