The Treasury Department recently issued its semiannual agenda to indicate that the Financial Crimes Enforcement Network intends to move forward on three notices of proposed rulemaking: the revised Bank Secrecy Act program rule, the revised customer due diligence rule (anticipated for October) and the investment adviser customer identification program requirements rule.
FinCEN intends to finalize two rules: the residential real estate transaction reporting rule and anti-money laundering/suspicious activity report requirements for investment advisers rule. FinCEN also announced its intent to continue work on amendments to the definition of broker or dealer in securities, rule regarding commercial real estate transaction reports and records, and the pilot program on sharing information related to SARs within a “financial group” as authorized under the ALM Act.
Notably, FinCEN still plans to amend the travel rule related to card verification code and digital assets with legal tender status, potentially reducing the reporting threshold to $250, but FinCEN has officially withdrawn the unhosted wallet rule.
