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FinCEN to Finesse Plan on Cross-Border Transfer Reporting
By Brian Orsak and Kira Zalan
printThe U.S. Treasury Department will soon tweak a regulatory proposal that would require financial institutions to report wire transfers to and from the United States, an official said Monday. Under the September 2010 plan, banks would have to report all cross-border wires and money remitters report international transfers of $1,000 or more when the institutions are the first to receive them or last to process them within the country. U.S. regulations currently require banks to retain records of, but not report, international wires of $3,000 or more. The Treasury Department's Financial Crimes Enforcement Network (FinCEN) has since drafted an amendment...
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