US Moves to Cast a Wider Net for Catching Money Launderers, Crypto or Otherwise

The U.S. Federal Reserve and the Financial Crimes Enforcement Network (FINCEN) proposed reducing the thresholds at which banks must collect and store fund transfer information, from $3,000 to $250 for any transfers that go outside the United States. The proposal would also widen the agencies’ definition of “money” to explicitly include crypto-assets (“convertible virtual currencies”).