UPDATE: 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...
The U.S. Treasury Department could soon reintroduce a long-dormant proposal that would require financial institutions to disclose which of their clients sent money abroad, according to the White House budget office.
The 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.
Banks will receive fewer law enforcement data requests during the early stages of financial crime investigations as the result of new rules on cross-border transaction reporting, according to the head of the U.S. Treasury Department's financial intelligence unit.
A U.S. Treasury Department plan to increase reporting on cross-border transactions would allow federal regulators and investigators to more easily detect unregistered money remitters - if they can sift through the data.
The House Appropriations Committee said the funds were excluded because the Treasury Department hasnt decided whether to build the database and hasnt completed a planned cost-benefit analysis of the project.