US HR1039

Bill

To streamline requirements for currency transaction reports and suspicious activity reports, and for other purposes.

Introduced
02/07/2019

In Committee
02/07/2019

Crossed Over

Passed

Dead
12/31/2020

Introduced Session

116th Congress

Bill Summary

To streamline requirements for currency transaction reports and suspicious activity reports, and for other purposes. This bill directs the Department of Treasury to review requirements regarding currency-transaction reports and suspicious-activity reports, including their usefulness to law enforcement and ways to reduce regulatory burdens on financial institutions.

AI Summary

This bill directs the Department of the Treasury to review the requirements for currency transaction reports (CTRs) and suspicious activity reports (SARs) under the Bank Secrecy Act. The review will examine ways to reduce regulatory burdens on financial institutions, while ensuring that the reported information is useful to law enforcement and national security personnel. Key areas of focus include adjusting the timeframe for filing SARs, indexing CTR and SAR thresholds to inflation, streamlining the continuing SAR reporting process, and promoting financial inclusion by addressing the adverse consequences of financial institutions de-risking entire categories of high-risk relationships. The Treasury Department is required to issue a report to Congress within one year, detailing the findings and determinations from this review.

Committee Categories

Business and Industry

Sponsors (1)

Denver Riggleman (R)*,

Last Action

Referred to the House Committee on Financial Services. (on 02/07/2019)

Official Document

https://www.congress.gov/bill/116th-congress/house-bill/1039/all-info

(3 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/116th-congress/house-bill/1039/all-info
BillText	https://www.congress.gov/116/bills/hr1039/BILLS-116hr1039ih.pdf
Bill	https://www.congress.gov/116/bills/hr1039/BILLS-116hr1039ih.pdf.pdf

Bill	Bill Name	Last Action	Type
HR2513	Corporate Transparency Act of 2019	Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.	Related
HR2514	COUNTER Act of 2019 Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act of 2019	Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.	Related
S2563	ILLICIT CASH Act Improving Laundering Laws and Increasing Comprehensive Information Tracking of Criminal Activity in Shell Holdings Act	Committee on Banking, Housing, and Urban Affairs. Hearings held.	Related

Bill > HR1039

US HR1039

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (1)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary