Federal regulators unveiled a new anti-money laundering proposal that would require banks and money transmitters to collect information on international fund transfers as low as $250, including those handling cyptocurrencies.
The joint proposal from the Federal Reserve Board and the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) would significantly lower the existing $3,000 threshold for collecting information on small-dollar, cross-border transactions. The effort is aimed at casting a wider law enforcement net against criminals, terrorists, and fraudsters.
“A substantial volume of potentially illicit funds transfers and transmittals of funds occur below the $3,000 threshold,” the agencies said in the proposed ...
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