The $3,000 threshold remains in place for now, as FinCEN and the Federal Reserve withdraw their proposed rule adjustments on cross-border transaction reporting

The $3,000 threshold remains in place for now, as FinCEN and the Federal Reserve withdraw their proposed rule adjustments on cross-border transaction reporting

2026-11-08 05:01

ChainThink report, November 8: FinCEN and the Federal Reserve will withdraw the 2020 proposed rule adjustment for cross-border transaction reporting, leaving the current $3,000 threshold in place temporarily.

The original proposal aimed to lower the recordkeeping and travel rule thresholds under the Bank Secrecy Act to $250 for funds transfers originating or terminating outside the United States, explicitly covering convertible virtual currencies.

The agencies stated that, given the proposal has been under consideration for over five years, they will reseek public comment before advancing similar adjustments, with a related Federal Register notice scheduled for publication on November 9.

Regulated institutions must still collect and transmit information on compliant transactions involving senders and recipients where the amount is equal to or exceeds $3,000.

Disclaimer: Contains third-party opinions, does not constitute financial advice

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