Breaking News

U.S. legislation pitched Tuesday would modify the monetary thresholds for filing currency transaction reports and suspicious activity reports pursuant to the Bank Secrecy Act.

Pursuant to the BSA, banks and other companies regulated for anti-money laundering purposes must submit CTRs on deposits, withdrawals and other transactions of more than $10,000 in cash, and SARs on wire transfers and other transactions of more than $2,000 or $5,000, depending on the circumstances, when they suspect the funds in question derive from crime.

The thresholds have remained static for decades.

The Streamlining Transaction Reporting and Ensuring Anti-Money Laundering Improvements for a New Era Act, which Sen. John Kennedy (R-LA)  introduced with Senate Banking Committee Chairman Tim Scott (R-SC) and seven other co-sponsors, would revise the thresholds from $10,000 to $30,000, $2,000 to $3,000, and $5,000 to $10,000, respectively.