ICBA expressed strong support for a Senate bill that would raise the currency transaction reporting and Suspicious Activity Reporting thresholds to $30,000 and $10,000, respectively, and index the CTR threshold for inflation every five years.
Details: In a letter to Sens. Tim Scott (R-S.C.) and John Kennedy (R-La.), ICBA:
Thanked the senators for introducing the Streamlining Transaction and Ensuring Anti-Money Laundering Improvements for a New Era (STREAMLINE) Act.
Said the updated thresholds would result in more targeted, useful information for law enforcement while allowing community banks to redirect resources toward serving their communities.
Noted that current reporting thresholds under the Bank Secrecy Act are significantly outdated and capture far more transactions than originally intended.
More 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.