[Infowarrior] - FinCEN RFC on reducing threshold for money transfers

[Richard Forno]

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).

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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.

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http://cryptome.org/treas062106.htm