This bill would increase the dollar thresholds that trigger federal financial reporting requirements for banks and businesses. Specifically, it would raise the Currency Transaction Report threshold from $10,000 to $60,000, the Suspicious Activity Report thresholds from $5,000 to $10,000 and from $2,000 to $3,000, and money services business reporting thresholds from $1,000 to $3,000. The changes would affect banks, financial institutions, and nonfinancial businesses required to report large transactions to federal authorities for anti-money laundering and fraud detection purposes. The Treasury Department would need to implement these new thresholds within 180 days of the bill's enactment and adjust them annually for inflation based on the Consumer Price Index. The bill has no associated federal spending but would reduce regulatory reporting burdens on financial institutions and businesses by narrowing the number of transactions that require federal notification.
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