Financial Reporting Threshold Modernization Act

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Legislation Details

The legislation aims to update thresholds for currency transaction reports and suspicious activity reports.
The Secretary of the Treasury is required to revise regulations to increase the threshold for currency transaction reports from $10,000 to $60,000 within 180 days of enactment.
The thresholds for currency transaction reports will be adjusted annually based on the Consumer Price Index.
The legislation amends the threshold for reports related to coins and currency received in nonfinancial trade or business from $10,000 to $60,000.
It mandates annual updates for the amended threshold based on the Consumer Price Index.
The threshold for suspicious activity reports will be increased from $5,000 to $10,000 and from $2,000 to $3,000 within 180 days of enactment.
The definition thresholds for Money Services Businesses will be updated from $1,000 to $3,000 within 180 days of enactment.

The legislation aims to update thresholds for currency transaction reports and suspicious activity reports.
The Secretary of the Treasury is required to revise regulations to increase the threshold for currency transaction reports from $10,000 to $60,000 within 180 days of enactment.
The thresholds for currency transaction reports will be adjusted annually based on the Consumer Price Index.
The legislation amends the threshold for reports related to coins and currency received in nonfinancial trade or business from $10,000 to $60,000.
It mandates annual updates for the amended threshold based on the Consumer Price Index.
The threshold for suspicious activity reports will be increased from $5,000 to $10,000 and from $2,000 to $3,000 within 180 days of enactment.
The definition thresholds for Money Services Businesses will be updated from $1,000 to $3,000 within 180 days of enactment.