October 21, 2025

Chairman Scott, Senator Kennedy, Introduce Bill to Modernize the Bank Secrecy Act

Washington, D.C. – Senate Banking Committee Chairman Tim Scott (R-S.C.) joined Senators John Kennedy (R-La.), Mike Crapo (R-Idaho), Mike Rounds (R-S.D.), Bill Hagerty (R-Tenn.), Cynthia Lummis (R-Wyo.), Katie Britt (R-Ala), Pete Ricketts (R-Neb.), and Bernie Moreno (R-Ohio) to introduce a bill to increase reporting thresholds for currency transaction reports (CTRs) and suspicious activity reports (SARs) under the Bank Secrecy Act (BSA). The Streamlining Transaction Reporting and Ensuring Anti-Money Laundering Improvements for a New Era Act (STREAMLINE Act) will bring much-needed modernization to a law that is intended to identify legitimate illicit financial activity rather than overwhelm financial institutions with excessive paperwork. These reporting thresholds were established under the Bank Secrecy Act and have not been adjusted since its enaction in 1970.

“For decades, banks and credit unions have been weighed down by outdated reporting requirements and layers of unnecessary paperwork that make it harder for them to serve consumers and small businesses.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,” said Chairman Scott.

“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,” said Senator Kennedy.

“Financial institutions face unnecessary burdens from outdated reporting requirements that impede service to customers and small businesses.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,” said Senator Crapo.

“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,” said Senator Rounds.

“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,” said Senator Lummis. “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.”

“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,” said Senator Britt.

“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,” said Senator Ricketts.

“For too long, American banks have been forced to comply with outdated, burdensome reporting rules that do very little to stop crime,” said Senator Moreno. “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.”

The American Bankers Association, America’s Credit Unions, and the Independent Community Bankers of America have all voiced support for the legislation.

BACKGROUND:

The Bank Secrecy Act was established in 1970 and serves as a cornerstone of the United States’ anti-money laundering (AML) framework. The legislation requires banks, credit unions, and other financial institutions to assist government agencies with detecting and preventing financial crimes such as money laundering, terrorism financing, and other criminal abuse. The Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) is tasked with oversight and collects detailed records and relevant reports from financial institutions.

Under current law, financial institutions are required to report certain financial transactions. A currency transaction report is required for cash transactions exceeding $10,000, and a suspicious activity report is required for transactions exceeding $2,000 or $5,000 depending on the circumstances. Since the inception of the Bank Secrecy Act, these threshold requirements for transaction reports have not been adjusted.

The Streamlining Transaction Reporting and Ensuring Anti-Money Laundering Improvements for a New Era Act raises these thresholds from $10,000 to $30,000, $2,000 to $3,000, and $5,000 to $10,000 respectively, and requires the Treasury Department to adjust these amounts every five years to account for inflation.

For bill text, click here.