Question & Answer
Question: What is the difference between the "Wire Rule" and the "Travel Rule?"
Answer: None. They are two names for the same rule. The rule is now referred to as the Travel rule because its scope is not limited to wires. A variety of funds transfers - not all of them by wire -are subject to this rule. Moreover, the term "wire" was somewhat misleading because transactions subject to Regulation E, Electronic Funds Transfers, are exempt from the rule.
Copyright © 1997 Compliance Action. Originally appeared in Compliance Action, Vol. 2, No. 2, 2/97
First published on 02/01/1997