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Proposed Cross-Border Rule Would Eliminate Some Structuring Cases
By Colby Adams
printA U.S. Treasury Department proposal to sharply increase bank reporting of cross-border transactions would diminish the number of structuring cases prosecuted by the United States. Under the department's Funds Transfer Rule, banks must collect data on international wires at or over $3,000. On Sept. 27, the Financial Crimes Enforcement Network (FinCEN) said it was planning to issue regulations that would require the institutions to retain the same data for all cross-border transactions, regardless of how large or small. The rules, if adopted, would effectively eliminate the possibility of structuring cross-border wire transfers through a bank underneath the Funds Transfer Rule...
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