Raising Cash Transaction Reporting Limits to $60,000 and Adjusting Suspicious Activity Thresholds.
This law significantly increases the amounts at which banks and businesses must report cash transactions to federal authorities. The mandatory cash reporting limit rises from $10,000 to $60,000, and thresholds for suspicious activity reports are also increased. This change means fewer routine cash transactions by citizens and small businesses will automatically trigger government reporting.
Key points
The mandatory cash transaction reporting limit for banks and businesses increases from $10,000 to $60,000.
Thresholds for reporting suspicious financial activities are also raised (e.g., from $5,000 to $10,000).
All new reporting limits will be automatically adjusted annually to account for inflation.
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