New Bill Suggests Updated Filing Thresholds for CTRs, SARs
There is a lot of chatter in today’s regulatory arena about “modernizing” regulations put in place over 30 years ago to align with today’s society and banking practices. The conversation mainly focuses around modernizing the Bank Secrecy Act (BSA) and the Community Reinvestment Act (CRA). I think we can agree both need some revamping.
H.R. 6068, the Counter Terrorism and Illicit Finance Act, was introduced to the House Financial Services Committee in June of this year. If passed, this will be a step in the right direction towards modernization. Specifically, this bill calls for increases to the Currency Transaction Report (CTR) and Suspicious Activity Report (SAR) filing thresholds.
When CTRs were first introduced, $10,000 was a significant amount of money. Due to inflation, it is estimated that it equals about $66,000 in today’s economy. Do not get too excited though! The bill only calls to increase the filing threshold to $30,000.