“A bill to require updates to the threshold amounts applicable to certain currency transaction reports, and for other purposes.”
No CRS summary available for this bill.
This section increases monetary reporting thresholds under the Bank Secrecy Act (BSA)—which requires financial institutions and certain nonfinancial businesses to file reports on large cash transactions and suspicious activities to combat money laundering, terrorist financing, and other illicit finance—as follows: (1) directs the Secretary of the Treasury to issue regulations within 180 days updating each $10,000 threshold for currency transaction reports (CTRs) under 31 U.S.C. §§5313 and 5315 to $30,000, with inflation adjustments every five years thereafter based on the Consumer Price Index for All Urban Consumers (CPI-U) rounded to the nearest $1,000 and effective the following January 1; (2) amends 31 U.S.C. §5331, which requires nonfinancial trades or businesses (e.g., retailers, casinos) to report cash payments over $10,000 received in a trade or business (Form 8300), by increasing each such threshold to $30,000 and adding a similar CPI-U inflation adjustment every five years; and (3) directs federal agency heads to update suspicious activity report (SAR) thresholds under 31 U.S.C. §5318(g) within 180 days from $2,000 to $3,000 and from $5,000 to $10,000. This section further directs the Secretary, within 360 days, to review CTR, recordkeeping, and SAR forms and requirements (including for aggregation, prioritization, and automation); update them as needed; fulfill certain Anti-Money Laundering Act of 2020 review and reporting mandates; and report review results and recommendations to the Senate Banking Committee and House Financial Services Committee. This section includes a rule of construction preserving the Secretary's authority for geographic targeting orders and threshold reductions.