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The head of the U.S. Financial Crimes Enforcement Network suggested in testimony to Congress that the bureau is moving forward with plans to revise requirements governing the financial services industry's submission of reports mandated by the Bank Secrecy Act. In response to feedback FinCEN requested in 2021, the bureau may "potentially automate certain low-value SARs [suspicious activity reports] to ease impact on industry and modifying or removing the aggregation requirements of currency transaction reports [CTRs]," FinCEN Director Andrea Gacki said in a Feb. 14 hearing of the House Financial Services Committee. Pursuant to the BSA, financial institutions must file a...