Get Ready for Section 6302...

In the latest US legislation to help prevent terrorist financing, the Intelligence Reform and Terrorism Prevention Act of 2004 is doing just that. Including Section 6302:

SEC. 6302. REPORTING OF CERTAIN CROSS-BORDER TRANSMITTAL OF
FUNDS.Section 5318 of title 31, United States Code, is amended by
adding at the end the following new subsection:
‘‘(n) REPORTING OF CERTAIN CROSS-BORDER TRANSMITTALS OF
FUNDS.—
‘‘(1) IN GENERAL.—Subject to paragraphs (3) and (4), the
Secretary shall prescribe regulations requiring such financial
institutions as the Secretary determines to be appropriate to report
to the Financial Crimes Enforcement Network certain
cross-border electronic transmittals of funds, if the Secretary determines that reporting of such transmittals is reasonably necessary
to conduct the efforts of the Secretary against money
laundering and terrorist financing.
‘‘(2) LIMITATION ON REPORTING REQUIREMENTS.—Information
required to be reported by the regulations prescribed under
paragraph (1) shall not exceed the information required to be
retained by the reporting financial institution pursuant to section
21 of the Federal Deposit Insurance Act and the regulations
promulgated thereunder, unless—
‘‘(A) the Board of Governors of the Federal Reserve System
and the Secretary jointly determine that a particular
item or items of information are not currently required to
be retained under such section or such regulations; and
‘‘(B) the Secretary determines, after consultation with
the Board of Governors of the Federal Reserve System, that
the reporting of such information is reasonably necessary to
conduct the efforts of the Secretary to identify cross-border
money laundering and terrorist financing.

Translation please. Get ready for additional reporting to the Financial Crimes Enforcement Network in the near future. See FinCEN