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Proposed FinCEN Funds Transfer Database Too Costly, Trade Groups Say
By Matt Squire
printA proposed U.S. Treasury Department database that would track cross-border funds transfers is too costly and may be harmful to the U.S. payments system, say three banking industry trade groups. In a letter to Treasury Secretary Henry Paulson dated March 5, the American Bankers Association and Financial Service Roundtable, both based in Washington, D.C., and the New York-based Clearing House Association asked that the department cease the development of the data collection system. "We urge that we not be distracted by the siren call for unlimited data from an infeasible, unnecessary and potentially economically harmful universal reporting regime," the letter...
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