Higher Financial Transaction Reporting Thresholds
This act raises the amounts at which banks and businesses must report cash transactions and suspicious activities. This means fewer everyday transactions will be automatically reported, potentially reducing bureaucracy for citizens and businesses. The changes aim to focus attention on larger financial flows.
Key points
Cash transaction reporting limit increases from $10,000 to $30,000.
Suspicious activity reporting thresholds increase from $5,000 to $10,000 and from $2,000 to $3,000.
Money services business definition threshold increases from $1,000 to $3,000.
Expired
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