Bill > S3017

This bill, known as the STREAMLINE Act, updates the thresholds for currency transaction reports and suspicious activity reports to account for inflation and modernize financial reporting requirements. Specifically, the bill requires the Secretary of the Treasury to raise the currency transaction report threshold from $10,000 to $30,000 within 180 days of enactment, with subsequent automatic adjustments every 5 years based on changes in the Consumer Price Index. Similarly, the bill increases suspicious activity report thresholds from $2,000 to $3,000 and from $5,000 to $10,000. The legislation also mandates a comprehensive review of financial reporting forms and requirements within 360 days, with the goal of improving the effectiveness and efficiency of identifying illicit financial activities. The Treasury Secretary must submit a report to congressional banking committees detailing the review's findings and recommending potential updates to reporting requirements. Importantly, the bill includes a rule of construction that preserves the Treasury's existing ability to issue geographic targeting orders and reduce reporting thresholds when necessary, ensuring flexibility in financial oversight and anti-money laundering efforts.