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FinCEN Speaks On Rule Change Requiring Details On Cross-Border Transactions Over $250
Summary: 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 cryptocurrencies triggering FinCEN to lower the "Travel Rule" threshold. House spoke during the V20 Virtual Asset Service Providers Summit on Monday. The rule change House referenced would require banks to collect and store ...
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 cryptocurrencies triggering FinCEN to lower the "Travel Rule" threshold.
House spoke during the V20 Virtual Asset Service Providers Summit on Monday. The rule change House referenced would require banks to collect and store fund transfer information reducing it from $3,000 to $250 for any crypto or fiat transfers that go outside the U.S.
House added that the lower reporting thresholds for international transactions would help law enforcement agencies. The proposed rule change has raised concerns in the crypto community about the cost of compliance.
By Emily Mason
Tags: cross-border payments,Crypto Payments,Cryptocurrency,U.S. Financial Crimes Enforcement Network
Link: FinCEN Speaks On Rule Change Requiring Details On Cross-Border Transactions Over $250 [Copy]
