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TREAS/FINCEN | RIN: 1506-AB41 | Publication ID: Fall 2020 |
Title: Bank Secrecy Act Funds Record-Keeping and Transfer Rule Threshold Update | |
Abstract:
On October 27, 2020, the Board of Governors of the Federal Reserve System and FinCEN (collectively, the "Agencies") issued a proposed rule to modify the threshold in the rule implementing the Bank Secrecy Act 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 likewise proposed 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 also proposed to clarify the meaning of "money" as used in these same rules to ensure that the rules apply to domestic and cross-border transactions involving convertible virtual currency, which is a medium of exchange (such as cryptocurrency) that either has an equivalent value as currency, or acts as a substitute for currency, but lacks legal tender status. The Agencies further proposed to clarify that these rules apply to domestic and cross-border transactions involving digital assets that have legal tender status. |
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Agency: Department of the Treasury(TREAS) | Priority: Other Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: No | Unfunded Mandates: No |
EO 13771 Designation: Fully or Partially Exempt | |
CFR Citation: 31 CFR 1010.410(e) 31 CFR 1010.410(f) 31 CFR 1020.410 | |
Legal Authority: 12 U.S.C. 1829b 12 U.S.C. 1951 to 1959 31 U.S.C. 5311 to 5314 31 U.S.C. 5316 to 5332 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: Yes | Government Levels Affected: None |
Small Entities Affected: Businesses | Federalism: No |
Included in the Regulatory Plan: No | |
International Impacts: This regulatory action will be likely to have international trade and investment effects, or otherwise be of international interest. | |
RIN Data Printed in the FR: Yes | |
Agency Contact: FinCEN Regulatory Support Section Department of the Treasury Financial Crimes Enforcement Network P.O. Box 39, Vienna, VA 22183 Phone:800 767-2825 Email: frc@fincen.gov |