What happened
- Specific facts/numbers: FinCEN and the Federal Reserve withdrew, effective November 9, 2026, a 2020 proposal that would have lowered the reporting threshold for certain cross-border funds transfers and transmittals from $3,000 to $250 and the agencies said they had received nearly 3,000 comments.
- Institutions involved: The withdrawing agencies are the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve Board; affected entities include banks, nonbank financial institutions, money services businesses, depository institutions and crypto-related service providers.
- Regulatory/technical context: The proposal covered the Bank Secrecy Act’s Recordkeeping Rule and Travel Rule for transfers that begin or end outside the United States, and would also have clarified that the rules apply to transactions involving convertible virtual currency and digital assets with legal tender status to a recipient.
- What to watch next: Watch for any new U.S. rulemaking that revisits Bank Secrecy Act reporting thresholds or crypto-related Travel Rule obligations; the agencies said no final rule will be issued on this proposal without another opportunity for public comment.
Why it matters
The withdrawal keeps the current $3,000 threshold in place for now, sparing banks and payment firms an immediate increase in compliance and data-collection obligations on cross-border transfers.
HKMA Relevance
Direct: Another central bank or monetary authority has taken a concrete supervisory action in payments-related AML recordkeeping and crypto transaction reporting, which is squarely within HKMA-relevant policy territory.