The American Network for Combating Financial Crimes (FinCEN) has proposed to oblige banks and financial institutions to report transactions from any cryptocurrency wallets.
The document, titled “Requirements for Certain Transactions involving Convertible Virtual Currencies or Digital Assets,” proposes requiring banks to report transactions accepted or sent to “unallocated or otherwise hosted wallets.” That is, even wallets placed by the user on their home computer fall under these rules.
According to the rules, banks and other financial institutions must request the identification of a cryptocurrency wallet user if the transaction volume exceeds $3,000. If the transaction amount exceeds $10,000, then you need to submit reports to FinCEN. The declaration must contain all information about the transaction, including the names and physical addresses of the participants in the transaction.
In addition, the document defines the order of “structuring” transactions — this will allow you to track the division of large operations into small ones in order to circumvent the requirements for reporting.
At the end of October, the US Federal Reserve and FinCEN proposed to
lower the threshold for registering money transfers outside the US, including for cryptocurrency transactions.