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Comments due: Federal Reserve, FinCEN (proposed rule; Bank Secrecy Act reporting)

November 27

The Federal Reserve Board and Financial Crimes Enforcement Network (FinCEN) are issuing this proposed rule to modify the threshold in the rule implementing the Bank Secrecy Act (BSA) requiring financial institutions to collect and retain information on certain funds transfers and transmittals of funds. The proposed modification would reduce this threshold from $3,000 to $250 for funds transfers and transmittals of funds that begin or end outside the United States. FinCEN is likewise proposing to reduce from $3,000 to $250 the threshold in the rule requiring financial institutions to transmit to other financial institutions in the payment chain information on funds transfers and transmittals of funds that begin or end outside the United States. The agencies are also proposing to clarify the meaning of “money” as used in these rules to ensure that the rules apply to domestic and cross-border transactions involving convertible virtual currency; and to clarify that these rules apply to domestic and cross-border transactions involving digital assets that have legal tender status.

Reg lookup: Threshold for the Requirement To Collect, Retain, and Transmit Information on Funds Transfers and Transmittals of Funds That Begin or End Outside the United States, and Clarification of the Requirement To Collect, Retain, and Transmit Information on Transactions Involving Convertible Virtual Currencies and Digital Assets With Legal Tender Status

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Date:
November 27
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