What is required if a customer wants to cancel a transaction under the Dodd-Frank remittance transfer rule?

The correct answer is that a customer must cancel within 30 minutes of payment in order to meet the requirements of the Dodd-Frank remittance transfer rule. This regulation aims to provide consumers with protections when sending money internationally. It specifically stipulates that for certain remittance transactions, customers can cancel the transaction soon after it has been initiated. The 30-minute window allows customers to have a short grace period to change their mind or address any issues that may have arisen shortly after the transaction.

Understanding this requirement is crucial for both consumers and associates in the banking and financial services industry, as it safeguards consumer rights and ensures proper procedures are followed in the case of remittance errors or changes of mind. This illustrates the importance of consumer awareness regarding their rights in financial transactions and the corresponding responsibilities of service providers.