Summary Box: Obama administration seeks to expand rules for tracking money transfers

Summary Box: Expansion sought on bank reporting

TERROR FINANCING: The Obama administration is proposing that banks report all electronic money transfers in and out of the country as a way to expand the tracking of terrorist financing.

FUND TRANSFERS: Currently banks must keep records on all electronic transfers above $3,000 and supply those records to law enforcement officials when requested. The proposal would require all transfers, regardless of size, to be reported.

OPPONENTS: Marc Rotenberg, executive director of the Electronic Privacy Information Center, said the proposed expansion was an example of “extraordinary overreach” by the U.S. government.