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Regulators

Regulators are responsible for supervising different financial institutions. As a comparison site we strive to provide our readers with a range of relevant information relating to various areas associated with the process of sending money overseas. Just like specialist money transfer providers, the defining factors and responsibilities of each financial regulator will differ from country to country, as each organisation focuses on implementing the laws and regulations applicable to the territory. From banks to businesses, financial regulators ensure all parties are conducting themselves in a responsible and legal way, based on the financial systems in place. In our unbiased, up-to-date guides we provide an in-depth look at how consumers are protected, to help our readers understand the support and assistance these regulators can offer.

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Prudential Regulation Authority (PRA)
What Is the Prudential Regulation Authority? The PRA is a regulatory body in the United Kingdom for the prudential regulation of financial entities, which requires them to have enough capital to manage risk. The type of financial institutions that it is charged to oversee includes major investment firms, insurers, credit unions, building societies and banks.  […]
Financial Services Compensation Scheme (FSCS)
What Is the FSCS? The Financial Services Compensation Scheme is the UK’s statutory deposit insurance and investor compensation scheme. They allow you to retrieve lost money when authorised financial services companies go bankrupt.   The FSCS operates independently, and there is no fee for using its services. The organisation was set up under the Financial Services […]
Payment Systems Regulator (PSR)
What Is the Payment Systems Regulator? The PSR is a UK regulator established in 2015 to regulate payment systems. The regulator ensures that businesses and consumers enjoy the benefits of solid payment systems, which function with fair competition and innovation.  The PSR was set up as a consequence of the reviews from the Cruickshank Report […]
Financial Ombudsman Service (FOS)
What Is the Financial Ombudsman Service? The FOS is a UK ombudsman appointed by the government yet can operate independently. They were given powers by the Financial Services and Markets Act 2000 in 2001. As with most ombudsmen, the role of this one is to help settle disputes between consumers and UK-based businesses that offer […]
Bank of England (BOE)
What Is the Bank of England? The Bank of England is the UK’s central bank, and around the world, other central banks have based their financial infrastructure model on this one. It was established in 1694 so that the bank could act as the English Government’s banker. It is the 8th oldest bank in the […]
Financial Policy Committee (FPC)
What Is the FPC? FPC is an official committee of the Bank of England based on the Monetary Policy Committee. In 2010 it was announced that the committee would be responsible for monitoring the health of the UK economy. In addition, the organisation is responsible for looking at macroeconomic factors that may lead to negative […]
Nation Credit Union Administration (NCUA)
What Is the NCUA? The National Credit Union Administration is a government-backed organization that insures credit unions and financial institutions that accept deposits. This includes money transfer companies like TorFX, Wise, and WorldRemit.  They were formed on March 10th, 1970, and the headquarters are in Alexandria, Virginia. Based on 2020 data, they have 1,149 employees […]
Financial Crimes Enforcement Network (FinCEN)
What Is FinCEN? The Financial Crimes Enforcement Network is a United States Department of the Treasury bureau that fights domestic and international terrorist financing, money laundering, and other financial crimes. They do this by collecting and analyzing information about financial transactions.  The headquarters of FinCEN is in Vienna, Virginia, and the agency executive is Ken […]
Federal Reserve System (FED)
What Is the FED? The Federal Reserve System is the United States central bank responsible for ensuring that the economy remains stable during turbulent times. Experts believe that the organization is the most influential financial institution in the world, which means their actions will have a profound effect on consumers of money transfer companies.  The […]
Payments Canada (PC)
What Is Payments Canada? PC, also known as Canadian Payments Association, is a Canadian settlement system and payment clearing organization. The entity was established as a result of the Canadian Payments Act in 1980, and its primary responsibilities include regulating and maintaining directories of routing numbers in Canada.  A total of $50.8 trillion was settled […]
Investment Industry Regulatory Organization of Canada (IIROC)
What Is the IIROC? The IIROC is classed as a non-profit organization and a national self-regulatory organization. They were established through the merger of Market Regulation Services Inc. and the Investment Dealers Association of Canada. They primarily oversee the trading activity and investments in the Canadian debt and equity markets.  Formed in 2008, its headquarters […]
Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
What Is FINTRAC? FINTRAC is the national financial intelligence agency of Canada. They were established in 2,000 as a result of the Proceeds of Crime (Money Laundering) Act to help investigate and detect money laundering. However, the organization was consequently expanded to include other financial crimes in its list of responsibilities.  The FINTRAC headquarters are […]
Financial Consumer Agency of Canada (FCAC)
What Is the FCAC? The FCAC is an agency set up by the Government of Canada to enforce the law on consumer protection of financial products. They provide support and information so consumers can better understand their rights. It means consumers can determine what laws protect them against money transfer companies.  The FCAC was formed […]
Canada Deposit Insurance Corporation (CDIC)
What Is the CDIC? Parliament created the CDIC in 1967, and it is a Canadian federal Crown Corporation, meaning it has a mixture of public policy and commercial objectives. The idea behind creating the CDIC is to offer insurance to commercial banks and savings institution depositors. This should provide confidence in the Canadian banking systems […]
Council of Financial Regulators (CFR)
What Is the CFR? The CFR is the organisation that is responsible for coordinating the leading financial regulatory agencies in Australia. This promotes information sharing between various regulators to do their jobs more effectively.  The CFR does not have policy or regulatory decision-making powers, so it is a non-statutory group. The regulatory power lies with […]
Reserve Bank of Australia (RBA)
What Is the RBA? The RBA is Australia’s central bank and the authority that issues banknotes. The role was assigned to this entity on the 14th of January 1960 due to the Reserve Bank Act 1959. The act removed the Commonwealth Bank from the role.  The headquarters of RBA is in the Reserve Bank of […]
Australian Financial Complaints Authority (AFCA)
What Is the AFCA? The AFCA is an external dispute resolution scheme aimed at helping resolve disputes that were not successful via member financial services organisations. The organisation was formed on the 1st of November 2018, and its headquarters are in Melbourne, Victoria, Australia.  The Chief Ombudsman is David Locke, and the AFCA replaced three […]
Australian Transaction Reports and Analysis Centre (AUSTRAC)
What Is AUSTRAC? AUSTRAC is an agency appointed by the Australian Government that deals with protecting various aspects of financial transactions within Australia. This includes tax evasion, money laundering, organised crime, terror financing and welfare fraud.  AUSTRAC was established in 1989 due to the Financial Transaction Reports Act 1988. The regulatory body has over 300 […]
Australia Securities & Investments Commission (ASIC)
What Is ASIC?  ASIC was founded on the result of the Australian Securities and Investments Commission Act of 2001. It is an independent governing body responsible for overseeing Australia’s financial services and markets.   Businesses must be aware that ASIC is active in regulating all business areas, not just the financial markets. Therefore, they regulate all […]
Australian Prudential Regulation Authority (APRA)
What Is APRA? APRA is the Australian financial services industry prudential regulator and the Australian Government’s statutory authority. This means they are responsible for creating a framework that focuses on the financial safety and stability of the broader financial system in Australia.  The APRA was established on July 1st, 1998, based on the recommendation of […]
Financial Conduct Authority (FCA)
The Financial Conduct Authority (FCA) is a UK regulatory body that acts independently of the government. They have several important duties such as overseeing UK financial markets and the entities that operate within the country; this includes money transfer companies. People sending money abroad can learn more about regulators like the FCA to find out how their funds are protected when transferring domestically or from one country to another.
The Office of Thrift Supervision (OTS)
The Office of Thrift Supervision (OTS) was once the US government organization responsible for regulating the savings and loans industry. However, as you will learn in this article, the organization was merged with other regulators in 2011. We will be explaining how regulators like the OTS help monitor and uphold international money transfer standards.
The Federal Reserve Board (FRB)
The Federal Reserve Board (FRB) is an independent organization responsible for several important tasks such as setting interest rates and supervising financial regulatory bodies in the United States. This guide will share details of FRB responsibilities and reveal why the organization is crucial for alleviating financial crises. Those sending money abroad will benefit from reading about regulators such as the FRB, to learn how they guarantee more trustworthy financial services.
Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC) is a part of the United States Department of the Treasury. As the prudential supervisor the OCC is tasked with improving the structure and order of the United States banking system. This page will highlight the main responsibilities of the OCC, how they make a difference and how they are involved with international money transfers.
U.S. Securities and Exchange Commission
The Securities and Exchange Commission (SEC) is an independent government organization with 5 core divisions and 25 offices across the United States. The SEC is responsible for creating, maintaining and enforcing laws related to the financial markets, in the pursuit of fairness and stability for all investors. Our overview of the organization will delve into the main responsibilities, advantages and relevance of the Securities and Exchange Commission, to help you understand the agency’s involvement with the money transfer industry.
Financial Industry Regulatory Authority
The Financial Industry Regulatory Authority (FINRA) is a non-government organization that is responsible for regulating broker and brokerage firms in the United States. They provide a framework of rules that must be followed and issue fines if and when these rules are broken. This overview of FINRA will take a closer look at their responsibilities and explain when you might encounter them as an international money transfer customer.
Federal Deposit Insurance Corporation (FDIC)
Who is the Federal Deposit Insurance Corporation? The FDIC was created in 1933 in response to a wave of bank failures. It is an independent federal agency insuring deposits in the US and as of 2020, insuring deposits of up to $250,000 with affiliated banks. The organization was established by the US Congress to help […]

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