Why FinCEN Wants Details on All Cross-Border Transactions Over $250

Why FinCEN Wants Details on All Cross-Border Transactions Over $250


U.S. regulators are discussing the “why” of a new proposal that has crypto fans concerned.

Speaking Monday at the V20 Virtual Asset Service Providers Summit, Carole House, cyber and emerging tech policy specialist at the Financial Crimes Enforcement Network (FinCEN), said criminals are conducting cross-border payments using smaller amounts of cryptocurrency – hence FinCEN’s proposed lowering of the “Travel Rule” threshold.

According to the rule change proposal submitted last month, FinCEN and the Federal Reserve would modify the thresholds at which banks must collect and store fund transfer information, reducing it from $3,000 to $250 for any transfers – in crypto or fiat – that go outside the U.S.

It’s part of a general broadening of terms, said House, adding that lowering reporting thresholds for international transactions will help law enforcement and other national security authorities.

Read more: US Moves to Cast a Wider Net for Catching Money Launderers, Crypto or Otherwise

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