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The Treasury bureau that administers the Bank Secrecy Act, which in October 2026 withdrew its 2020 proposal on transfers to unhosted wallets and its 2023 proposal to treat international crypto mixing as a primary money laundering concern.
The Financial Crimes Enforcement Network is a bureau of the US Department of the Treasury. The Secretary's authority to administer the Bank Secrecy Act and its implementing regulations, which sit at 31 CFR Chapter X, is delegated to it, and that includes the power under section 311 of the USA Patriot Act to find a jurisdiction, institution, class of transactions or type of account to be of primary money laundering concern and to impose special measures. On 5 October 2026 it withdrew two proposals that would have reached onchain markets directly. The first, of December 2020, would have required banks and money services businesses to report and verify transfers above $10,000 involving unhosted wallets and to keep records above $3,000. The second, of October 2023, would have named international convertible virtual currency mixing a class of transactions of primary money laundering concern. It said it would take no further action on the first, and that it may act on mixers in future.
Developments in which Financial Crimes Enforcement Network is a named party, newest first.
The Treasury's anti-money-laundering bureau has withdrawn its 2020 plan to make banks and money transmitters report crypto transfers to unhosted wallets and its 2023 plan to treat international mixing as a primary money laundering concern, promising…
FinCEN withdrew the December 2020 proposal requiring reports on transfers above $10,000 involving unhosted wallets and the October 2023 finding that international crypto mixing is of primary money laundering concern. It will take no further action on the first and may act on mixers in future.
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