On October 23, FinCEN and the Federal Reserve filed a joint proposed rule to amend the recordkeeping and travel rule regulations under the Bank Secrecy Act (BSA). Currently, financial institutions must collect, retain and transmit certain information related to fund transfers and transmittals of funds over $3,000. Under the proposed rule, the threshold for funds that begin or end outside the U.S. would be reduced from $3,000 to $250, while domestic transactions would remain unchanged at $3,000. The amendments would also clarify the definition of “money” to ensure that the rules apply to domestic and cross-border transactions involving convertible virtual currency, such as cryptocurrency, which either has an equivalent value as currency or acts as a substitute for currency, but does not have legal tender status. Finally, the rule would clarify that the recordkeeping and travel rule regulations apply to domestic and cross-border transactions involving digital assets that have legal tender status. The rule is expected to be published in the Federal Register on October 27 and comments may be submitted for 30 days following the date of publication.