FinCEN Proposes Changes to Threshold for Certain Banking Activites Related to Funds Transfers
The Financial Crimes Enforcement Network issued a proposed rule to revise the threshold requiring banks to “collect and retain information on certain funds transfers and transmittals of funds,” the agency said Oct. 27. The change would reduce the threshold from…
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$3,000 to $250 for funds transfers that begin or end outside the U.S., FinCEN said, and would also reduce the threshold that requires banks to transmit to other financial institutions in the payment chain “information on funds transfers and transmittals of funds” that begin or end outside the U.S. The rule also proposes to clarify the definition of “money … to ensure that the rules apply to domestic and cross-border transactions involving convertible virtual currency” as well as “digital assets that have legal tender status.” Comments on the rule, which was proposed by FinCEN and the Board of Governors of the Federal Reserve System, are due Nov. 27.