FinCEN and Federal Reserve to Withdraw Proposal to Lower Cross-Border Transfer Threshold

FinCEN and the Federal Reserve will withdraw a proposal to lower the reporting threshold for certain cross-border transfers, leaving the current $3,000 threshold in place for now. According to Odaily, Bitcoin News reported on X that the 2020 proposal would have lowered the Bank Secrecy Act’s recordkeeping and travel-rule threshold to $250 for transfers originating or ending outside the United States and explicitly covered convertible virtual currency. The agencies said more than five years had passed since the proposal was introduced and they want to seek public comment again before pursuing similar changes. A notice in the Federal Register is scheduled for November 9. Regulated institutions must continue collecting and transmitting sender and recipient information for covered transfers of $3,000 or more.