In case you missed it, last year Puerto Rico amended its Money Services Business Regulatory Act to now require a two percent special charge on every money transmission processed or completed electronically, by check, money order, fax, air transportation, or other means from Puerto Rico to any entity located in any jurisdiction.
The charge is to be remitted to the Department of the Treasury by the 20th of the month following the month in which the transaction occurred. The department is in the process of preparing an official notice of the special charge for entities required to collect it to post in their premises and with any promotions for their services. Failure to post the notice will subject the entity to a $1,000 fine.
To obtain the official notice, the MSB must submit an excel document containing certain information about it and its authorized agents, such as name, social security numbers, addresses and other contact information.
More information to come.