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Posted on: March 5, 2013

The all-encompassing Dodd–Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) has required remittance transfer providers to provide customers with disclosure of information. These new requirements include

Before the customer makes any payment to the remittance provider, the provider is required to disclose the following:

  1. The net amount remitted to the recipient
  2. Currency used
  3. Tax levied
  4. The net amount received by the recipient

After the customer makes the payment, the remittance provider is required to provide receipt containing, among others, the following information:

  1. The date the funds will be received by the recipient
  2. Name and address of the recipient
  3. Dispute settlement procedure in the event of error
  4. Name of the remittance provider

In addition, the customer has the right to cancel the transfer within 30 minutes.

To provide better service to its customers, BNI has already implemented this disclosure requirement to its customers starting February 7, 2013.

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Bank Negara Indonesia (Persero) Tbk. New York Agency

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Phone: (212)943-4750 Ext. 601 Email: info@bankbniny.com