Under the Notice of Proposed Rulemaking submitted to the Federal Register today, banks and money services businesses would be required to submit reports, keep records, and verify the identity of customers in relation to transactions above certain thresholds involving CVC/LTDA wallets not hosted by a financial institution or CVC/LTDA wallets hosted by a financial institution in certain jurisdictions identified by FinCEN. The United States welcomes responsible innovation, including new technologies that may improve the efficiency of the financial system and expand access to financial services. Pursuant to the proposed rule, banks and MSBs will have 15 days from the date on which a reportable transaction occurs to file a report with FinCEN. Further, this proposed rule would require banks and MSBs to keep records of a customer’s CVC or LTDA transactions and counterparties, including verifying the identity of their customers, if a counterparty uses an unhosted or otherwise covered wallet and the transaction is greater than $3,000.
Source: U.S. Department of the Treasury
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