FRB, FinCEN: Considering Changing Reporting Threshold

ABA Contact: Rob Rowe
Published: 71 Federal Register 35564; June 21, 2006
Comments Due: August 21, 2006
Disposition: Filed


The Federal Reserve and Treasury's Financial Crimes Enforcement Network (FinCEN) issued an advance notice of proposed rulemaking that seeks information on the potential benefit and burden of lowering or eliminating the $3,000 threshold in the recordkeeping rule for funds transfers and transmittals of funds by financial institutions. The agencies noted that the Financial Action Task Force -- the international anti-money laundering and terrorist financing standard setter -- recommends a de minimis threshold no higher than $1,000. In addition, advances in information technology may have reduced the need for the current recordkeeping requirement.

2006 Regulatory Chart
ABA Comment Letter
Federal Register