The Financial Crimes Enforcement Network (FinCEN), along with the Board of Governors of the Federal Reserve, recently proposed new rules related to the Bank Secrecy Act (BSA) and anti-money laundering regulations requiring financial institutions to collect and report information related to international transfers. The proposed changes would lower the threshold requiring when this information is collected from $3,000 to $250. The proposal also broadens the reporting rules to apply to digital or cryptocurrencies. The proposed rule changes are currently open for industry comments through November 27.
The Bank Secrecy Act requires financial institutions to collect and retain information on certain funds transfers and transmittals of funds, with the additional requirements being defined in the USA PATRIOT Act and Anti-Money Laundering Act.