FED – Agencies invite comment on proposed rule under Bank Secrecy Act


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October 23, 2020

Agencies invite comment on proposed rule under Bank Secrecy Act

  • Board of Governors of the Federal Reserve System
  • Financial Crimes Enforcement Network

For release at 1:30 p.m. EDT

The Financial Crimes Enforcement Network (FinCEN) & the FED today invited comment on a proposed rule that would amend the recordkeeping & travel rule regulations under the Bank Secrecy Act. FinCEN & the Board, pursuant to their shared authority, are proposing amendments to the recordkeeping rule jointly, while FinCEN, pursuant to its sole authority, is proposing amendments to the travel rule.

Under the current recordkeeping & travel rule regulations, financial institutions must collect, retain, & transmit certain information related to funds transfers & transmittals of funds over $3,000. The proposed rule lowers the applicable threshold from $3,000 to $250 for international transactions. The threshold for domestic transactions remains unchanged at $3,000.

The proposed rule also further clarifies that those regulations apply to transactions above the applicable threshold involving convertible virtual currencies, as well as transactions involving digital assets with legal tender status, by clarifying the meaning of “money” as used in certain defined terms.

Comments will be accepted for 30 days after publication in the Federal Register.

Last Update:

October 23, 2020

Source: Federal Reserves

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