Regulatory Alerts2020-10-23
Added
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
The Board of Governors of the Federal Reserve System and the Financial Crimes Enforcement Network propose to amend 31 CFR Parts 1010 and 1020 to lower the threshold for collecting, retaining, and transmitting information on cross-border funds transfers from $3,000 to $250. The proposed rule also clarifies that the term "money" in these regulations includes convertible virtual currencies and digital assets with legal tender status, thereby extending recordkeeping and transmission obligations to transactions involving these assets. Written comments on this proposed rule are due by November 27, 2020.