U.S. Proposes Banks Record Smaller Transactions

Published on:
12 September 2006 at 10:21 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00008225-us-proposes-banks-record-smaller-transact/

Last week, the U.S. Federal Reserve and the Department of Treasury?s Financial Crimes Enforcement Network proposed lowering the threshold for financial transactions which banks must keep records of. The move is an effort to combat money laundering and terrorist financing, according to a story by Reuters.

Currently, all U.S. banks must keep records on transfers of $3000 or more. The proposal would see that threshold dropped to $1000.

The proposal is open to public comment for two months before it is decided whether it will go into force.