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FinCEN Ill-Equipped to Handle Costly Cross-Border Data Proposal, Say Financial Institutions
By Brian Monroe
printThe U.S. Treasury Department should alter or abandon its plan to collect data on cross-border transactions made through banks and money remitters, in part because of potential data management issues, say banking groups. Under proposed rules published in September, banks would have to report data on all cross-border wires within five days to the department's Financial Crimes Enforcement Network (FinCEN) if the institutions are the last to handle transactions leaving the United States or the first to receive them as they enter the country. Money services businesses (MSBs) would be required to report on transactions of $1,000 or more. But...
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