US Treasury and Federal Reserve withdraw proposal to lower threshold for cross-border transfer information
Original headline美国财政部与美联储撤回降低跨境转账信息门槛提案
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The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve have withdrawn a 2020 proposal that would have lowered the recordkeeping and information-transmission threshold for cross-border transfers from $3,000 to $250, with the withdrawal effective November 9. The existing $3,000 threshold remains in force, and under current FinCEN guidance certain convertible virtual currency transactions may still fall under the rule. The agencies said they will not proceed with the original proposal but may issue revisions reflecting industry changes. The decision matters because it preserves lighter data-collection obligations for transfers between $250 and $3,000, reducing compliance costs for crypto and payments firms. What to watch next is whether FinCEN and the Fed advance a revised rule that could still tighten reporting requirements for digital-asset transactions.
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FinCEN, Federal Reserve, The Defiant