The Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve Board have proposed lowering the threshold at which financial institutions must collect, retain, and transmit information on overseas transfers.
Currently, under the Bank Secrecy Act, financial institutions are required to retain records of all transactions worth over $3,000, whether the transfers are domestic or foreign. The rule also applies to funds that are part of a payment chain, known as the travel rule.
