WASHINGTON—Senate Banking Committee Republicans are preparing to unveil legislation that would raise the dollar thresholds for when financial institutions must report potentially suspicious transactions under the Bank Secrecy Act, POLITICO reported.
Led by Sen. John Kennedy (R-LA) and Committee Chair Tim Scott (R-SC), the measure—called the STREAMLINE Act—would boost the reporting triggers for both Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs) from their decades-old levels.
The proposal marks the latest step in Republicans’ broader effort to ease what they view as excessive financial-compliance burdens. It also echoes discussions from Treasury officials, including Secretary Scott Bessent, who have signaled openness to modernizing the Bank Secrecy Act’s reporting regime, POLITICO noted.
“Washington’s financial reporting requirements may have made sense in the seventies, but in today’s economy, they simply weigh down our financial institutions,” Kennedy said in a statement.
Under current law, banks must file currency transaction reports with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) for any cash transaction over $10,000. The new proposal would raise that threshold to $30,000 and similarly increase the Bank Secrecy Act’s reporting triggers for when financial institutions must file suspicious activity reports (SARs).