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FinCEN Proposes Reporting, Recordkeeping Requirements for Cross-Border Fund Transmissions
By Kieran Beer
printUPDATE: Includes changes throughout reflecting the publication of the proposal Monday morning in the Federal Register. Banks will be required to report all cross-border fund transmittal orders to the U.S. Treasury Department within five days, under the terms of proposed regulation released Monday. Under the proposal, money service business must report cross border transactions of $1,000 or more. The Financial Crimes Enforcement Network (FinCEN) proposal would also require banks to maintain records of all cross-border transmittals and annually provide a list of taxpayer identification numbers of accountholders who make cross-border transmissions. Under the new requirements, banks would report and save...
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