Senators John Kennedy (R-La.) and Tim Scott (R-S.C.) have introduced the Streamlining Transaction Reporting and Ensuring Anti-Money Laundering Improvements for a New Era (STREAMLINE) Act, aimed at updating financial reporting standards that date back to the 1970s. The legislation seeks to modernize requirements under the Bank Secrecy Act by raising the thresholds for currency transaction reports (CTRs) and suspicious activity reports (SARs), which have not been adjusted for inflation in over five decades.
The Bank Secrecy Act, enacted in 1970, mandates that financial institutions report cash transactions exceeding $10,000 and suspicious transactions over $2,000 or $5,000 depending on certain circumstances. Under the proposed STREAMLINE Act, these thresholds would be increased to $30,000 for CTRs and to $3,000 or $10,000 for SARs. Additionally, the bill requires the Treasury Department to update these amounts every five years based on inflation.
Senator Kennedy stated: “Washington’s financial reporting requirements may have made sense in the seventies, but in today’s economy, they simply weigh down our financial institutions. My STREAMLINE Act cuts red tape and modernizes these requirements, so law enforcement can focus on real criminals—not debanking hardworking Americans or drowning our financial institutions in burdensome paperwork. It’s time to bring the Bank Secrecy Act into the 21st century and use a little common sense.”
Senator Scott added: “For decades, banks and credit unions have been weighed down by outdated reporting requirements and layers of unnecessary paperwork that make it harder for them to serve consumers and small businesses. By increasing the reporting thresholds for currency transaction reports and suspicious activity reports, we are bringing much needed modernization to a law that should root out financial crimes, not get in the way of everyday Americans.”
The bill is supported by several senators including Cynthia Lummis (R-Wyo.), Katie Britt (R-Ala.), Mike Crapo (R-Idaho), Bill Hagerty (R-Tenn.), Bernie Moreno (R-Ohio), Mike Rounds (R-S.D.), and Pete Ricketts (R-Neb.).
Senator Lummis commented: “When banks and credit unions are bogged down by red tape and outdated reporting rules, it’s small businesses and everyday Americans who pay the price. The STREAMLINE Act modernizes reporting to reflect today’s economy, raising the threshold for currency transaction and suspicious activity reports, without compromising security. I’m proud to join my colleagues in ensuring Americans have access to efficient, modern financial services that meet the needs of the 21st century.”
Senator Britt said: “This is important legislation that simply updates outdated reporting thresholds that place unnecessary burdens on small banks and credit unions, allowing them to focus on their customers rather than on navigating onerous reporting requirements. These financial institutions play a central role in serving countless communities across the nation, and I’m proud to support legislation to help accomplish that.”
According to Senator Crapo: “Financial institutions face unnecessary burdens from outdated reporting requirements that impede service to customers and small businesses. The STREAMLINE Act delivers long overdue modernization, helping to ensure the Bank Secrecy Act targets true financial crime instead of generating excessive paperwork.”
Senator Moreno noted: “For too long, American banks have been forced to comply with outdated, burdensome reporting rules that do very little to stop crime. The STREAMLINE Act cuts through bureaucratic red tape and allows our financial institutions to detect and disrupt illicit activities. Americans deserve a modern regulation system that works for them.”
Senator Rounds added: “For decades, our banks and credit unions have been burdened by reporting requirements that haven’t kept pace with modern risks. I’m proud to partner with Chairman Scott and Senator Kennedy on legislation to update these standards for today’s financial system and prevent us from being stuck with the same inefficiencies another 55 years from now. Financial institutions should be investing in tools that stop crime, not outdated compliance exercises that don’t improve safety.”
Senator Ricketts stated: “After more than 50 years of inflation, the Bank Secrecy Act’s reporting thresholds are badly outdated. They must be modernized. The STREAMLINE Act cuts red tape for banks and credit unions. It ensures law enforcement still has the tools they need to do their job. It focuses enforcement where it matters and respects the privacy of law-abiding American consumers.”
The Independent Community Bankers Association as well as major industry groups such as American Bankers Association and America’s Credit Unions back this legislative effort.
A copy of the full text of the STREAMLINE Act can be found here.
