Federal Reserve System Board of Governors on October 27, 2020, along with the Financial Crimes Enforcement Network (FinCEN), had drafted a notice that proposed the rule-makers to make specific changes in the rules that implemented the Bank Secrecy act. The information was published in the Federal Register. The expected changes require the financial institution to retain and even collect the data associated with some funding transfer and transmittals. The advised changes would save the threshold from $3,000 to $250 associated with funds transfer and transmittals that usually start or end outside the United States. 

Financial Crimes Enforcement Network at the same time is also advising the reducing from $3,000 to $250 in the rule that needs the transfer from one financial institution to another one in the chain information of payments associated with funds transfer and transmittals that usually start or end outside the United States. For now, the agencies are trying to come up with the clarification on the term ‘money, which is being used in all the rules. This way, the agency is trying to make sure the laws apply to the cross-border and domestic transactions that involve the convertible virtual currency.  

Convertible virtual currency works as the exchanged medium like cryptocurrency which can have a similar value as currency or act as an alternative. However, there is a lack of legal tender status in this case. Further agencies also need to clarify the rules applicable to the cross-border transaction and even domestic ones. This includes the digital assets that come with the status of legal tender. The proposed regulations shall have the comments, which are expected to be submitted before November 27, 2020.