The USA has announced that they will monitor cryptocurrency transfer transactions over $ 250 with a new law. It was emphasized that the law, in which the lower limit was previously determined as $ 3000, should be reduced to $ 250 due to various reasons such as illegal activities.
In its latest report, FinCEN shared that financial institutions, under the BSA law, suggested that the lower limit of $ 3000 in current international money transfer transactions be revised to $ 250. The new law, which is expected to be valid only for international transactions, will not cover domestic transactions and the domestic transaction limit will remain fixed at $ 3000.
Within the scope of the cryptocurrency and financial transactions report they submitted, FinCEN called on the US Federal Reserve to comment on the Bank Secrecy Act (BSA) law.
It is aimed to prevent illegal activities
Within the scope of the new law proposal of FinCEN, comments were also made on the small-scale cross-border money transfers seen in the protection against international terrorism, tax and intelligence activities. According to the report, malicious individuals are engaged in illegal activities using amounts below $ 3,000. FinCEN even recently announced that it fined a Bitcoin mixer for illegal activities.
It is stated that the reporting of low-scale money transfers used in the facilitation and realization of terrorist financing, smuggling and other illegal activities and the supervision of international bank transfers will be very useful for security. FinCEN states that they take SARs reports into account when making this inference. In these reports, it is shared that some illegal activities of less than $ 3,000 have been reported and used as evidence in some charges.
It was also stated that many institutions fighting against illegal activities such as money laundering also lean towards FinCEN’s new law proposal.