Higher thresholds for cash transaction reporting and suspicious financial activity.
This Act raises the minimum cash transaction amounts that banks and certain businesses must report to the government, increasing the threshold from $10,000 to $30,000. This means that legitimate, large cash transactions below $30,000 will be automatically reported less frequently, reducing bureaucracy and increasing financial privacy for citizens. Additionally, thresholds for reporting suspicious financial activities are also increased, and these amounts will be automatically adjusted for inflation every five years.
Key points
The limit for automatic cash transaction reporting (CTRs) increases from $10,000 to $30,000, reducing bureaucracy for legal transactions.
Thresholds for reporting suspicious transactions (SARs) are raised (e.g., from $5,000 to $10,000) to focus resources on more serious crimes.
An automatic mechanism is introduced to adjust reporting thresholds every 5 years based on inflation to maintain their real value.
The Treasury Secretary must review and streamline reporting forms to be more effective in combating illicit finance.
Introduced
Citizen Poll