The Financial Crimes Enforcement Network and Federal Reserve Board invited comment on a proposed rule that would amend Bank Secrecy Act recordkeeping and travel rule regulations.
Proposal would expand BSA recordkeeping
October 26, 2020 / By ICBA
The Financial Crimes Enforcement Network and Federal Reserve Board invited comment on a proposed rule that would amend Bank Secrecy Act recordkeeping and travel rule regulations.
The Financial Crimes Enforcement Network and Federal Reserve Board invited comment on a proposed rule that would amend Bank Secrecy Act recordkeeping and travel rule regulations.
Under existing regulations, financial institutions must collect, retain, and transmit certain information related to funds transfers and transmittals over $3,000. The proposed rule would lower the threshold to $250 for international transactions while leaving the threshold for domestic transactions unchanged.
The proposed rule also would clarify that these regulations apply to transactions involving convertible virtual currencies and digital assets with legal tender status. Comments will be accepted for 30 days after publication in the Federal Register.
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