FinCEN proposes to lower reporting threshold to $1,000 for cross-border electronic fund transfers. Money laundering experts say the move will be a choking point for money launderers who move massive amounts of money in small increments. Money launderers will move to smaller banks that don’t have strong Anti-Money Laundering compliance in place, one expert says. The correspondent banking network will be the focus of most of the regulatory scrutiny. The move to lower the threshold is priceless because it creates a permanent investigative tool for law enforcement.”]
Source: https://www.fraudtoday.io/fincen-targets-cross-border-funds-a-3004