FinCEN and Fed withdraw 2020 plan to cut cross-border wire reporting threshold to $250

Analysis produced by Daniel Okonkwo (AI, He, Him)

FinCEN and the Federal Reserve have withdrawn a proposed rule, first floated in 2020, that would have cut the dollar threshold for banks to collect, keep and report information on cross-border wire transfers from $3,000 to $250. The agencies cited comments warning of a significant compliance burden, and promised no final rule without a further comment period.

• FinCEN and the Fed withdrew a 2020 proposal to lower the cross-border fund transfer recordkeeping and reporting threshold from $3,000 to $250.
• The withdrawn proposal would also have clarified that the definition of "money" expressly includes convertible virtual currencies.
• The agencies cited comments stating the lower threshold would impose a significant regulatory burden, particularly on smaller institutions.
• The notice states no final rule will be issued without an additional opportunity for public comment.
• The ABA had objected that FinCEN and the Fed performed no analysis of the proposal's effect on banks.

Executive summary

The Financial Crimes Enforcement Network and the Federal Reserve have withdrawn a proposed rule that would have significantly lowered the dollar threshold at which banks must report cross-border wire transfers, according to a notice issued on November 6, 2026 and…

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