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FRS RIN: 7100-AF97 Publication ID: Fall 2021 
Title: Regulation S--Proposed Rulemaking BSA Recordkeeping (Docket No: R-1726) 
Abstract:

The Board of Governors of the Federal Reserve System and FINCEN (collectively, the Agencies) are issuing this proposed rule to modify the threshold in the rule implementing the Bank Secrecy Act (BSA) 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 is likewise proposing 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 are also proposing 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 (CVC), 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 propose to clarify that these rules apply to domestic and cross-border transactions involving digital assets that have legal tender status.

 
Agency: Federal Reserve System(FRS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 31 CFR 1010   
Legal Authority: 31 U.S.C. 5218   
Legal Deadline:  None
Timetable:
Action Date FR Cite
Board Requested Comment  10/27/2020  85 FR 68005   
Board Expects Further Action  12/00/2021 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Jason Gonzalez
Assistant General Counsel
Federal Reserve System
Legal Division,
Washington, DC 20551
Phone:202 452-3275

Evan Winerman
Assistant General Counsel
Federal Reserve System
Legal Division,
Washington, DC 20551
Phone:202 872-7578