The US consumer watchdog wants to redefine who counts as a big money transfer company

The US consumer watchdog is considering changing how it defines "larger participants" in the international money transfer market. This could mean more companies that send money across borders will face stricter oversight and rules.

The current rules for international money transfers were set in 2014. Since then, the market has changed a lot, with new digital services and more companies. Redefining who counts as a "larger participant" means the consumer watchdog can apply its rules to more of these new players, ensuring more of the market follows consumer protection standards.