The Office of Consumer Financial Protection said it has determined its first compliance action based on alleged violations of its international money transfer regulations by the Maxitransfers Corporation (Maxi) by claiming to consumers that it was not responsible for the errors committed by your third-party payment agents.


From October 2013 until May 2017, Maxi sent approximately 14.5 million remittance transfers for U.S. consumers.


The Bureau found that for each transfer, Maxi failed to provide certain consumer protection disclosures and did not maintain all of the policies and procedures required under the “Remittance Transfer Rule” of the Electronic Fund Transfer Act (“EFTA”).


Maxi also violated the Consumer Financial Protection Act of 2010 (“CFPA”) by stating to consumers that it was not responsible for errors made by its third-party payment agents when in fact under the Remittance Transfer Rule a provider is liable for any violation by an agent when such agent acts for the provider. The consent order requires Maxi to pay a civil money penalty of $500,000 and prohibits Maxi from stating that it is not responsible for the acts of its agents. The consent order also requires Maxi to take steps to improve its compliance management to prevent future violations of the CFPA, EFTA, and the Remittance Transfer Rule.

Consent Order