What key feature does the Remittance Transfer Rule focus on?

The Remittance Transfer Rule focuses on providing disclosures and establishing resolution procedures for customers. This rule is designed to enhance consumer protection by ensuring that individuals sending money internationally receive clear and detailed information about the transfer. This includes the total cost of the transaction, the exchange rate used, and when the funds will be available to the recipient.

Additionally, it establishes a framework for resolving issues should they arise during the transfer process, requiring money transmitters to have procedures in place that allow customers to resolve problems related to remittance transfers effectively. This emphasis on transparency and accountability is critical for building trust in financial transactions, especially in a cross-border context where consumers may have concerns about the security and reliability of the services used.