U.S. Treasury and Federal Reserve Withdraw Proposal to Lower Cross-Border Transfer Information Threshold

TechFlow news, November 6, according to The Defiant, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve have withdrawn a 2020 proposal that would have lowered the threshold for recording and transmitting cross-border transfer information from $3,000 to $250. The withdrawal will take effect on November 9.

The existing rule has not been repealed, and the $3,000 threshold for applicable transfers remains in place. Under FinCEN’s current guidance, qualifying convertible virtual currency transactions may also be subject to the rule. The two agencies said they will not continue pursuing the original proposal, but may propose revisions reflecting industry changes in the future.

Source: TechFlow