Financial Reporting Threshold Modernization Act

I 117TH CONGRESS 1ST SESSION H. R. 2040 To update thresholds for certain currency transaction reports and suspicious activity reports, and for other purposes. IN THE HOUSE OF REPRESENTATIVES MARCH 18, 2021 Mr. LOUDERMILK (for himself, Mr. BARR, Mr. EMMER, and Mr. GONZALEZ of Ohio) introduced the following bill; which was referred to the Com- mittee 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 Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Financial Reporting 4 Threshold Modernization Act’’. 5 SEC. 2. UPDATING THRESHOLDS FOR CERTAIN CURRENCY 6 TRANSACTION REPORTS AND SUSPICIOUS 7 ACTIVITY REPORTS. 8 (a) THRESHOLDS FOR CERTAIN CURRENCY TRANS- 9 ACTION REPORTS.— 10 VerDate Sep 11 2014 06:22 May 18, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H2040.IH H2040 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 2040 IH (1) IN GENERAL.—Not later than the end of 1 the 180-day period beginning on the date of the en- 2 actment of this Act, the Secretary of the Treasury 3 shall revise regulations issued with respect to section 4 5313 of title 31, United States Code, to update each 5 $10,000 threshold amount in such regulations to 6 $30,000. 7 (2) THRESHOLD FOR REPORTS RELATING TO 8 COINS AND CURRENCY RECEIVED IN NONFINANCIAL 9 TRADE OR BUSINESS.—Section 5331 of title 31, 10 United States Code, is amended by striking 11 ‘‘$10,000’’ each place such term appears in heading 12 or text and inserting ‘‘$30,000’’. 13 (b) THRESHOLDS FOR SUSPICIOUS ACTIVITY RE- 14 PORTS.—Not later than the end of the 180-day period be- 15 ginning on the date of the enactment of this Act, each 16 Federal department or agency that issues regulations with 17 respect to reports on suspicious transactions described 18 under section 5318(g) of title 31, United States Code, 19 shall update each $5,000 threshold amount in such regula- 20 tions to $10,000 and each $2,000 threshold amount in 21 such regulation to $3,000. 22 (c) UPDATING THE MONEY SERVICES BUSINESS 23 DEFINITION THRESHOLDS.—Not later than the end of the 24 180-day period beginning on the date of the enactment 25 VerDate Sep 11 2014 06:22 May 18, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H2040.IH H2040 kjohnson on DSK79L0C42PROD with BILLS 3 •HR 2040 IH of this Act, the Secretary of the Treasury shall revise sec- 1 tion 1010.100(ff) of title 31, Code of Federal Regulations, 2 to update each $1,000 threshold amount in such regula- 3 tions to $3,000. 4 Æ VerDate Sep 11 2014 06:22 May 18, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H2040.IH H2040 kjohnson on DSK79L0C42PROD with BILLS