This also applies to bitcoin
The Financial Crimes Enforcement Network (FinCEN) and the US Federal Reserve (FRS) have proposed to significantly reduce the amount of cross-border transactions, starting from which users will need to report the origin of funds, and banks will exchange relevant customer information.
The Financial Action Task Force (FATF) requires financial institutions to exchange customer information when transactions exceed a certain size. Cryptocurrency exchanges were included in this category in 2019.
The US regulators set the $ 3000 threshold back in 1995. According to a statement released on Friday, October 23rd, this amount is proposed to be reduced to $ 250. For transactions within the US, the $ 3000 amount will remain unchanged.
The proposed changes apply to cryptocurrency transactions as well. As the document says, “money” in this context means, among other things, “convertible virtual currencies” that act as an equivalent or substitute for a currency, but do not have official status, as well as “digital assets that have the status of legal tender”.
Comments on the proposal are accepted within the next 30 days.
Recall that in September, the director of FinCEN Kenneth Blanco urged banks to seriously think about the risks associated with cryptocurrencies and review their AML procedures.