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🇺🇸 TREASURY AND FED DROP PLAN TO CUT CROSS-BORDER TRANSFER REPORTS TO $250 FinCEN and the Federal Reserve are withdrawing a 2020 proposal that would have lowered the Bank Secrecy Act recordkeeping and Travel Rule threshold from $3,000 to $250 for funds transfers that begin or end outside the US, and clarified that those rules cover convertible virtual currency. The existing $3,000 threshold stays for now. The agencies said more than five years have passed, and they want fresh public comment before any similar change, with a Federal Register notice scheduled for Nov. 9. Covered firms must still collect and transmit sender and receiver data on qualifying transfers of $3,000 or more.