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Legislation introduced last week would direct U.S. financial institutions to disclose currency transactions and suspicious activity at higher thresholds and order the Treasury Department to issue more timely and robust administrative rulings. The Anti-Money Laundering Modernization Act, pitched Thursday by Rep. Ed Royce (R-CA), chairman of the House Foreign Affairs Committee, would amend the Bank Secrecy Act to reduce the reporting burden of regulated entities, bolster their enterprise-wide risk management efforts and ensure the 1970 law "keeps pace with the times." The bill would specifically authorize covered institutions to disclose the "facts, transactions and documents" underlying suspicious activity reports, or...