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TREAS/FINCEN RIN: 1506-AB48 Publication ID: Spring 2021 
Title: ●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 
Abstract:

In October 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 rules implementing the Bank Secrecy Act requiring financial institutions to collect and retain information on certain funds transfers and transmittals of funds. The modification would reduce this threshold from $3,000 for certain funds transfers and transmittals of funds. At the same time, FinCEN likewise issued a proposal to reduce from $3,000 the threshold in the rule requiring financial institutions to transmit to other financial institutions in the payment chain information on certain funds transfers and transmittals of funds. The public comment period for the proposed rulemaking expired on November 27, 2020. The Agencies are working to develop a rule in light of the comments received from the public.

 
Agency: Department of the Treasury(TREAS)  Priority: Other Significant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: Undetermined  Unfunded Mandates: No 
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 5336   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM Public Comment Period Extended (Related to RIN 1506-AB41)  09/00/2021 
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 
Related RINs: Related to 1506-AB41 
Agency Contact:
FinCEN Resource Center
Department of the Treasury
Financial Crimes Enforcement Network
P.O. Box 39,
Vienna, VA 22183
Phone:800 767-2825
Email: frc@fincen.gov