From: Greg Broiles <gbroiles@netbox.com>
Date: Mon, 19 May 1997 16:59:00 +0800
To: cypherpunks@cyberpass.net
Subject: New rules re money transfers to foreign locations
Message-ID: <3.0.1.32.19970519014545.008a2c30@mail.io.com>
MIME-Version: 1.0
Content-Type: text/plain



The NY Times reports that new rules will be announced Monday which will
require non-bank financial institutions (like check-cashing stores, Western
Union, etc.) to report transfers of $750 or greater with a foreign
destination. (The old reporting threshold was $10K.) According to the
article, the new regulation is expected to generate approximately one
million additional forms per year for FINCEN/Treasury to process, and
require 25,000 such NBFI's to register with Treasury. The regulation will
take effect in 90 days after a public comment period. It does not apply to
cash, instruments like traveler's checks, or domestic transfers; it also
does not apply to banks themselves. (All of those mediums of transport are
covered by different rules with other reporting requirements.) 

See <http://www.nytimes.com/yr/mo/day/news/national/drug-cartels.html>.
--
Greg Broiles                | US crypto export control policy in a nutshell:
gbroiles@netbox.com         | 
http://www.io.com/~gbroiles | Export jobs, not crypto.