Regulatory Alerts2006-06-21
Added
Joint Advance Notice of Proposed Rulemaking - Threshold for the Requirement to Collect, Retain, and Transmit Information on Funds Transfers and Transmittals of Funds - 31 CFR Part 103, 12 CFR Part 219
The Financial Crimes Enforcement Network and the Board of Governors of the Federal Reserve System are reviewing the $3,000 threshold that currently requires banks and nonbank financial institutions to collect, retain, and transmit information on funds transfers and transmittals of funds. The Agencies request public comment on whether lowering or eliminating this threshold would benefit law enforcement in combating money laundering and terrorist financing without imposing excessive burdens on financial institutions. Written comments must be submitted on or before August 21, 2006.
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