The US Treasury Department’s Financial Crimes Enforcement Network and the Federal Reserve have withdrawn a proposal to lower the reporting and recordkeeping threshold for cross-border transfers from $3,000 to $250, leaving existing requirements unchanged.
Summary
- FinCEN and the Federal Reserve have withdrawn their 2020 proposal to lower the reporting threshold for international transfers from $3,000 to $250, with the withdrawal taking effect on Nov. 9.
- The agencies cited changes in the digital asset industry and regulatory environment since 2020, while leaving open the possibility of introducing separate rules after further public consultation.
- The proposal had drawn nearly…
