Bill

Bill > HR1799


US HR1799

US HR1799
Financial Reporting Threshold Modernization Act


summary

Introduced
03/03/2025
In Committee
03/03/2025
Crossed Over
Passed
Dead

Introduced Session

119th Congress

Bill Summary

A BILL To update thresholds for certain currency transaction reports and suspicious activity reports, and for other purposes.

AI Summary

This bill updates several financial reporting thresholds to account for inflation and modernize reporting requirements. Specifically, the bill raises the threshold for Currency Transaction Reports (CTRs) from $10,000 to $30,000, meaning financial institutions will only need to file reports for cash transactions exceeding $30,000. It also increases the reporting threshold for suspicious activity reports from $5,000 to $10,000 and from $2,000 to $3,000, depending on the specific type of report. Additionally, the bill mandates that the Treasury Department adjust these thresholds every five years to reflect changes in the Consumer Price Index, ensuring that the reporting requirements remain responsive to economic changes. The money services business definition thresholds will also be updated from $1,000 to $3,000. These changes are designed to reduce unnecessary reporting burdens on businesses while maintaining important financial monitoring and anti-money laundering efforts, effectively adjusting reporting requirements to reflect current economic conditions.

Committee Categories

Business and Industry

Sponsors (13)

Last Action

Referred to the House Committee on Financial Services. (on 03/03/2025)

bill text


bill summary

Loading...

bill summary

Loading...
Loading...