Comments Due to NAFCU: FinCEN - Recordkeeping and Travel Rule

Important Regulatory Dates Add to Calendar 2020-11-24 17:00:00 2020-11-24 17:00:00 Comments Due to NAFCU: FinCEN - Recordkeeping and Travel Rule NAFCU would like to highlight the following: The NPRM would reduce the Recordkeeping and Travel rule threshold from $3,000 to $250 for funds transfers and transmittals of funds that begin or end outside the United States. In addition, the proposal would define the meaning of “money” in the Recordkeeping and Travel Rules to apply to domestic and cross-border transactions involving convertible virtual currency (CVC).   The NPRM does not impose any new requirements to retain additional or new information under the Recordkeeping and Travel Rules, other than those resulting from the change to the applicable thresholds. Comments due to NAFCU: November 24, 2020 Comments due to FinCEN: November 27, 2020 Comment now   NAFCU will send comments on behalf of its members to the FinCEN by their deadline (November 24, 2020). Location NAFCU digital@nafcu.org America/New_York public

NAFCU would like to highlight the following:

  • The NPRM would reduce the Recordkeeping and Travel rule threshold from $3,000 to $250 for funds transfers and transmittals of funds that begin or end outside the United States.
  • In addition, the proposal would define the meaning of “money” in the Recordkeeping and Travel Rules to apply to domestic and cross-border transactions involving convertible virtual currency (CVC).  
  • The NPRM does not impose any new requirements to retain additional or new information under the Recordkeeping and Travel Rules, other than those resulting from the change to the applicable thresholds.

Comments due to NAFCU: November 24, 2020

Comments due to FinCEN: November 27, 2020

Comment now  

NAFCU will send comments on behalf of its members to the FinCEN by their deadline (November 24, 2020).