The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and Federal Reserve Board of Governors announced Friday (Nov. 6) that they were rescinding the proposed “Travel Rule,” and “Recordkeeping Rule,” which would have required financial institutions to collect information on transactions of $250 or more, down from an earlier threshold of $3,000.

The Recordkeeping Rule requires banks and nonbank financial institutions to collect and retain information on funds transfers and transmittals of funds that begin or end outside the U.S., while the Travel Rule requires those entitles to transmit…