The Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve Board (FRB) have solicited feedback on a proposed amendment to the recordkeeping and travel rule regulations under the Bank Secrecy Act. FinCEN and the FRB have jointly proposed amendments to the recordkeeping rule. Meanwhile, the travel rule comes under the purview of FinCEN only.
Existing regulations about recordkeeping and the travel rule require financial institutions to collect and communicate transaction-related data for payments above $3,000. The proposed amendment seeks to reduce this threshold from $3,000 to $250. Importantly, the amendment proposes this lowering of threshold only for international transactions.
FinCEN and FRB have specified that these rules are applicable even if the transactions are not conducted using conventional money. Thus, payments in convertible virtual currencies or other digital assets with legal status will also be affected by the amendment.
Source name: FinCEN