Threshold for the Requirement To Collect, Retain, and Transmit Information on Funds Transfers and Transmittals of Funds
ACTION: Joint advance notice of proposed rulemaking (Advance Notice). ----------------------------------------------------------------------- SUMMARY: The Financial Crimes Enforcement Network (FinCEN) of the Department of the Treasury (Treasury) and the Board of Governors of the Federal Reserve System (Board) are reviewing the threshold in the rule requiring banks and nonbank financial institutions to collect and retain information on funds transfers and transmittals of funds. FinCEN is reviewing the threshold in the rule requiring banks and nonbank financial institutions to transmit information on funds transfers and transmittals of funds. The requirement to collect, retain, and transmit information on funds transfers and transmittals of funds applies only to funds transfers and transmittals of funds in amounts of $3,000 or more. FinCEN and the Board (collectively, the Agencies) request comment from the public, including law enforcement and financial institutions, to assess whether the potential benefit to law enforcement of a lower threshold outweighs the potential burden to financial institutions. < - > http://cryptome.org/treas062106.htm _______________________________________________ Infowarrior mailing list [email protected] https://attrition.org/mailman/listinfo/infowarrior
