The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system.
Federal Open Market Committee
Monetary Policy Principles and Practice
Review of Monetary Policy Strategy, Tools, and
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Banking Applications & Legal Developments
Banking & Data Structure
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Reserve Bank Payment Services & Data
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Bank Assets and Liabilities
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Dealer Financing Terms
Exchange Rates and International Data
Micro Data Reference Manual (MDRM)
Money Stock and Reserve Balances
Supervision & Enforcement
Research & Analysis
Board and FinCEN (collectively, the "Agencies") are issuing this proposed rule to modify the threshold in the rule implementing the Bank Secrecy Act ("BSA") requiring financial institutions to collect and retain information on certain funds transfers and transmittals of funds. The Agencies are also proposing to clarify the meaning of "money" as used in these same rules to ensure that the rules apply to domestic and cross-border transactions involving convertible virtual currency ("CVC"), which is a medium of exchange (such as cryptocurrency) that either has an equivalent value as currency, or acts as a substitute for currency, but lacks legal tender status. The Agencies further propose to clarify that these rules apply to domestic and cross-border transactions involving digital assets that have legal tender status.
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