What does the BSA's "Travel Rule" require from credit unions?

The BSA's "Travel Rule" requires credit unions to include specific information when processing payment orders for transmittals of funds that amount to $3,000 or more. This rule is designed to ensure that financial institutions collect and transmit identifying information about the parties involved in a transaction, enhancing transparency and helping to prevent money laundering and other financial crimes.

By requiring this information, the Travel Rule facilitates tracking and investigation of suspicious transactions. This information typically includes details such as the sender's name, address, and account number, as well as the recipient's information. The requirements are rooted in the BSA's objectives to help identify, track, and ultimately prevent financial crime.

The other options presented do not align with the specific requirements set by the Travel Rule. Always filing IRS reports, recording all transactions regardless of amount, and only tracking cash transactions do not capture the essence of the Travel Rule’s focus on transactions that meet or exceed the $3,000 threshold and the necessary accompanying information for those transactions.