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Threshold for the Requirement to Collect, Retain, and Transmit Information on Funds Transfers and Transmittals of Funds That Begin or End Outside the United States, and Clarification of the Requirement to Collect, Retain, and Transmit Information on Transactions Involving Convertible Virtual Currencies and Digital Assets with Legal Tender Status [R-1726]

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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Last update: February 24, 2012