Senate Banking Committee Chairman Tim Scott (R-SC) and a group of Senators have introduced a bill to raise the reporting thresholds for currency transaction reports and suspicious activity reports and require the Treasury Department to adjust the amounts for inflation every five years.

The “Streamlining Transaction Reporting and Ensuring Anti-Money Laundering Improvements for a New Era Act” (STREAMLINE Act) would raise reporting thresholds that were established under the Bank Secrecy Act and have not been adjusted since 1970.

Author: sdbrownlow

Student of Design