The Senate Banking Committee published public support from ICBA and other groups for a bill to raise currency transaction reporting and Suspicious Activity Reporting thresholds.
Details: The recently introduced Streamlining Transaction and Ensuring Anti-Money Laundering Improvements for a New Era (STREAMLINE) Act would raise the CTR and SAR thresholds to $30,000 and $10,000, respectively, and index the CTR threshold for inflation every five years.
ICBA Support: ICBA this week expressed strong support for the bill in a letter to Sens. Tim Scott (R-S.C.) and John Kennedy (R-La.), saying:
The updated thresholds would result in more targeted, useful information for law enforcement while allowing community banks to redirect resources toward serving their communities.
The current reporting thresholds under the Bank Secrecy Act are significantly outdated and capture far more transactions than originally intended.
More BSA Advocacy:
In a statement for the record for a House subcommittee hearing on FinCEN, ICBA in September said it strongly supports H.R. 1799, which would effectively implement a Government Accountability Office recommendation by raising the CTR and SAR thresholds.
ICBA in August met with Treasury Department officials to discuss reducing the burdens of CTRs and SARs.
