“To update thresholds for certain currency transaction reports and suspicious activity reports, and for other purposes.”
No CRS summary available for this bill.
This section updates Bank Secrecy Act reporting thresholds as follows: (1) directs the Secretary of the Treasury to revise regulations under sections 5313 and 5315 to increase the currency transaction report threshold to $30,000 (from $10,000) and amends section 5331 to increase the nonfinancial trade or business cash receipt report threshold to $30,000 (from $10,000); (2) directs federal agencies regulating suspicious activity reports under section 5318(g) to increase thresholds to $10,000 (from $5,000) and $3,000 (from $2,000); and (3) directs the Secretary to revise money services business definition regulations (31 CFR 1010.100(ff)) to increase thresholds to $3,000 (from $1,000). All updates must occur within 180 days of enactment, with subsequent inflation adjustments every five years based on the Consumer Price Index for All Urban Consumers (rounded to the nearest $500). (Thus, these changes reduce immediate reporting requirements for transactions below the new thresholds.) This section further directs the Secretary of the Treasury, within 360 days of enactment and in consultation with stakeholders and law enforcement, to review currency transaction, international transportation, and suspicious activity report forms and requirements under sections 5313, 5315, and 5318; update them as necessary; conduct reviews required by the Anti-Money Laundering Act of 2020; and report results and recommendations to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services.