FINANCIAL CRIMES ENFORCEMENT NETWORK ISSUES PROPOSED RULE: THRESHOLD FOR THE REQUIREMENT TO COLLECT, RETAIN, AND TRANSMIT INFORMATION ON FUNDS TRANSFERS AND TRANSMITTALS OF FUNDS THAT BEGIN OR END OUTSIDE THE UNITED STATES, AND CLARIFICATION OF THE REQUIREMENT TO COLLECT, RETAIN, AND TRANSMIT INFORMATION ON TRANSACTIONS INVOLVING CONVERTIBLE VIRTUAL CURRENCIES AND DIGITAL ASSETS WITH LEGAL TENDER STATUS; WITHDRAWAL

WASHINGTON, Nov. 9 -- Financial Crimes Enforcement Network has issued a proposed rule called: Threshold for the Requirement To Collect, Retain, and Transmit Information on Funds Transfers and Transmittals of Funds That Begin or End Outside the United States, and Clarification of the Requirement To Collect, Retain, and Transmit Information on Transactions Involving Convertible Virtual Currencies and Digital Assets With Legal Tender Status; Withdrawal.

The proposed rule was published in the Federal Register on Nov. 9 by Jimmy L. Kirby, Deputy Director, Financial Crimes Enforcement Network.

Summary: FinCEN and the Board (collectively, the "Agencies") are withdrawing the joint notice of proposed rulemaking (NPRM) published on October 27, 2020...