At a glance
- For advisors, financial institutions handling a client cross-border payment above $3,000 keep the same documentation and Travel Rule obligations as today, and smaller transfers stay outside the reporting net.
- The agencies said crypto changes should be weighed against the GENIUS Act, separate from the threshold rule.
- What a crypto reporting standard would require, and when it would apply, remains open.
FinCEN and the Federal Reserve dropped a proposal to cut the cross-border transfer reporting threshold to $250, leaving the $3,000 level and the Travel Rule in place.
For advisors, financial institutions handling a client cross-border payment above $3,000 keep the same documentation and Travel Rule obligations as today, and smaller transfers stay outside the reporting net.
The abandoned $250 threshold would have captured transfers one-twelfth the size of the current reporting line.
The agencies said crypto changes should be weighed against the GENIUS Act, separate from the threshold rule. What a crypto reporting standard would require, and when it would apply, remains open.
Reported by the Crypto ETFs & funds desk from FinCEN and the Federal Reserve. Published . Corrections