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Dec. 4, 2013 – A final rule aimed at making Bank Secrecy Act rule definitions of fund "transfer" and fund "transmittal" more consistent was issued Tuesday by the Federal Reserve Board and Financial Crimes Enforcement Network.

The final rule, set to take effect 30 days after publication in the Federal Register, amends both definitions to ensure that remittances covered by CFPB's international remittances rule are also covered by the BSA rules. The final rule helps clarify the types of transactions subject to the BSA "travel rule" and "recordkeeping rule."

NAFCU supported the proposed rule, noting it would prevent confusion about which transactions are covered by the two BSA rules.