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U.S. Treasury and Fed Withdraw Proposed $250 Cross-Border Travel Rule Threshold
(2 hours ago) · 1 source · Summarized by CryptoBipto
The U.S. Treasury Department and the Federal Reserve have withdrawn a proposed rule that would have lowered the reporting threshold for cross-border financial transactions to $250. The withdrawal removes a plan that had been under consideration and would have significantly expanded the scope of transactions subject to reporting requirements.
WHY IT MATTERS
When you send money across borders, banks and financial companies are required to collect information about who is sending and receiving the funds — this is called the "travel rule."
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SOURCES
- thedefiant.io
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Travel RuleCross-Border PaymentsFinancial RegulationPrivacyAML Compliance