The existing $3,000 threshold will be maintained for now as FinCEN and the Federal Reserve withdraw their proposed rule change on cross-border fund transfer reporting

Odaily reports that Bitcoin News posted on X platform stating that FinCEN and the Federal Reserve will withdraw a proposal introduced in 2020. The proposal sought to lower the recordkeeping and travel rule threshold under the Bank Secrecy Act from $3,000 to $250 for fund transfers originating or terminating outside the United States, and to explicitly clarify that the relevant rules cover convertible virtual currency. The existing $3,000 threshold will be maintained for now. The two agencies stated that more than five years have passed since the proposal was introduced, and they wish to seek public comment anew before proceeding with similar adjustments. The relevant Federal Register notice is scheduled to be published on November 9. Regulated institutions are still required to collect and transmit information on the sender and recipient of qualifying transfers amounting to or exceeding $3,000.