ICBA supports bill to raise CTR, SAR thresholds

ICBA expressed strong support for a Senate bill that would raise the currency transaction reporting and Suspicious Activity Reporting thresholds to $30,000 and $10,000, respectively, and index the CTR threshold for inflation every five years.

Details: In a letter to Sens. Tim Scott (R-S.C.) and John Kennedy (R-La.), ICBA:

• Thanked the senators for introducing the Streamlining Transaction and Ensuring Anti-Money Laundering Improvements for a New Era (STREAMLINE) Act.

• Said the updated thresholds would result in more targeted, useful information for law enforcement while allowing community banks to redirect resources toward serving their communities.

• Noted that current reporting thresholds under the Bank Secrecy Act are significantly outdated and capture far more transactions than originally intended.

More Advocacy:

• In a statement for the record for a House subcommittee hearing on FinCEN, ICBA in September said it strongly supports H.R. 1799, which would effectively implement a Government Accountability Office recommendation by raising the CTR and SAR thresholds.

• ICBA in August met with Treasury Department officials to discuss reducing the burdens of CTRs and SARs.