US AML watchdog wants info on all international crypto transactions over $250
Cointelegraph
Published Oct 23, 2020 05:38PM ET
Updated Oct 23, 2020 08:20PM ET
The Financial Crimes Enforcement Network (FinCEN) and Federal Reserve are looking to get more information on smaller transactions than ever before.
According to a notice of proposed rulemaking published on Friday, the agencies want to lower the $3,000 threshold established in 1995 to $250 for international transactions, meaning that financial institutions would need to exchange client information alongside all transactions greater than $250 that begin or end outside of the United States. Which is to say, the Travel Rule, as it is known, would apply to quite small amounts of money changing hands.
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Written By: Cointelegraph
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