The Foreign Account Tax Compliance Act (FATCA) regulations require foreign banks and institutions to report if any US citizens have foreign account holdings. The Consumer Financial Protection Bureau also protects consumer rights to cancel transfers, usually within 30 minutes, and the right to have errors resolved or, in some cases, receive a refund. They also need to state the amount of money delivered and, in some cases, a statement regarding any foreign taxes or fees. In matters regarding international money transfers, federal law requires banks and other financial institutions to provide consumers with correct information about the exchange rate, fees and taxes that may apply, any fees charged by the bank’s international agents, and other institutions that enable the transfer.

What laws are enforced by the Consumer Financial Protection Bureau? The two other factors you need to take into account are the Foreign Account Tax Compliance Act and, of course, the IRS. The Consumer Financial Protection Bureau’s regulations are there not only to ensure the lawfulness of transfers but also to protect consumers even when they are conducting transactions internationally. Who regulates international money transfers?Īll international money transfers over $15 are regulated by the Consumer Financial Protection Bureau. South Georgia and the South Sandwich Islands.

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