Congress moves to revamp Bank Secrecy Act’s reporting thresholds after 50 years

A bipartisan group of US senators, led by Senate Banking Committee Chair Tim Scott, introduced the STREAMLINE Act to update the Bank Secrecy Act (BSA), the core of the nation's Anti-Money Laundering (AML) framework, which has remained unchanged since 1970. The bill proposes raising the Currency Transaction Report (CTR) threshold from $10,000 to $30,000 and adjusting Suspicious Activity Report (SAR) thresholds from $2,000/$5,000 to $3,000/$10,000. Furthermore, it mandates the Treasury Department to adjust these figures every five years to account for inflation. Supporters argue this modernizes outdated rules, cuts red tape for financial institutions, and ensures law enforcement retains necessary tools. Separately, the industry is engaging with regulators on open banking rules and meeting with Senate Democrats regarding a digital asset market structure bill, though legislative progress is currently stalled by the ongoing US government shutdown.

(Source：Cointelegraph)