#Currency transaction report amount verification#

Many key industry players sharply criticized FinCEN for the limited comment period that it provided, stressing that it would deprive FinCEN of important feedback and could result in the imposition of extensive requirements without adequately addressing ambiguities and barriers to implementation implicated by the Proposed Rule. The Proposed Rule would require banks and MSBs to (i) file a report with FinCEN for transactions exceeding $10,000 in value that involve convertible virtual currency (CVC 1) or digital assets with legal tender status (Legal Tender Digital Assets or LTDA 2) held in a wallet not hosted by a financial institution (“unhosted wallet”) or a wallet hosted by a financial institution in a jurisdiction identified by FinCEN (“otherwise covered wallet”) and (ii) keep records of a customer's CVC or LTDA transactions and counterparties, including verifying the identity of their customer, if their customer’s counterparty uses an unhosted or otherwise covered wallet and the transaction is greater than $3,000.

#Currency transaction report amount verification#

Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) that would impose new reporting, recordkeeping and verification requirements on banks and money services businesses (MSBs) with respect to certain virtual currency transactions (the Proposed Rule). On January 7, 2021, the original 15-day comment period ended for a proposed rule announced by the U.S.