News : Congressional Updates

BSA reform bill introduced in the House

Friday, January 11, 2019  
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Wednesday night Rep. Barry Loudermilk (R-GA) introduced HR 388, a bill that would update thresholds and the definition of a money service business.   The bill is worth keeping an eye on, but I expect a larger bill to be introduced in the coming weeks by Reps. Carolyn Maloney (D-NY) and Blaine Luetkemeyer (R-MO) that will address more aspects of BSA.

The text of this legislation isn’t available yet, but it is identical to the bill that Rep. Loudermilk introduced last September:

_______________________________

 

Introduced in House (09/20/2018)

 

115th CONGRESS
2d Session

H. R. 6850

 

To update thresholds for certain currency transaction reports and suspicious activity reports, and for other purposes.


IN THE HOUSE OF REPRESENTATIVES

September 20, 2018

Mr. Loudermilk introduced the following bill; which was referred to the Committee on Financial Services


A BILL

To update thresholds for certain currency transaction reports and suspicious activity reports, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Financial Reporting Threshold Modernization Act”.

SEC. 2. Updating thresholds for certain currency transaction reports and suspicious activity reports.

(a) Thresholds for certain currency transaction reports.—

(1) IN GENERAL.—Not later than the end of the 180-day period beginning on the date of the enactment of this Act, the Secretary of the Treasury shall revise regulations issued with respect to section 5313 of title 31, United States Code, to update each $10,000 threshold amount in such regulations to $30,000.

(2) THRESHOLD FOR REPORTS RELATING TO COINS AND CURRENCY RECEIVED IN NONFINANCIAL TRADE OR BUSINESS.—Section 5331 of title 31, United States Code, is amended by striking “$10,000” each place such term appears in heading or text and inserting “$30,000”.

(b) Thresholds for suspicious activity reports.—Not later than the end of the 180-day period beginning on the date of the enactment of this Act, each Federal department or agency that issues regulations with respect to reports on suspicious transactions described under section 5318(g) of title 31, United States Code, shall update each $5,000 threshold amount in such regulations to $10,000 and each $2,000 threshold amount in such regulation to $3,000.

(c) Updating the money services business definition thresholds.—Not later than the end of the 180-day period beginning on the date of the enactment of this Act, the Secretary of the Treasury shall revise section 1010.100(ff) of title 31, Code of Federal Regulations, to update each $1,000 threshold amount in such regulations to $3,000.


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