FinCEN and the Federal Reserve Withdraw Proposal to Adjust Cross-Border Transfer Rules

FinCEN and the Federal Reserve have withdrawn the proposal made in 2020, temporarily maintaining the $3,000 threshold. The proposal originally aimed to lower the record-keeping and travel rule threshold of the Bank Secrecy Act from $3,000 to $250, applicable to funds transfers that start or end outside the United States, and covering convertible virtual currencies. The two agencies stated that it has been over five years since the proposal was made and they wish to seek public input again before advancing similar adjustments. A related announcement in the Federal Register is planned to be published on November 9. Regulated entities are still required to collect and transmit information about senders and receivers of transfers that meet the threshold of $3,000 or more.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.