Other
Financial Reporting Threshold Modernization Act
This bill raises the dollar amounts that trigger mandatory anti-money laundering reports filed by banks and businesses with the federal government. Financial institutions and commercial businesses would only be required to report cash transactions of $30,000 or more, up from the current $10,000 threshold. The measure also increases the thresholds for reporting suspicious activity and for defining money service businesses, while requiring all of these limits to be adjusted for inflation every five years.
People affected—not determinable from the text provided
Fiscal magnitude—CBO cost estimate published (H.R. 1799, Financial Reporting Threshold Modernization Act, 2026-02-26); dollar figure pending review extraction — see receipt
Reach58provisional · pending reviewrigor: heuristic llm
What this bill touches.
Banking/financial rules−40Security vs. privacy+35Ethics & oversight+20
Who it helps · who it burdens.
Who it helps
- Financial institutionsRaises the reporting threshold for filing Currency Transaction Reports from $10,000 to $30,000 (with 5-year inflation adjustments) and increases Suspicious Activity Report thresholds, reducing the number of mandatory reports they must file (Sec. 2(a)(1), Sec. 2(b)).
- Nonfinancial businesses handling large cash transactionsIncreases the threshold for reporting large cash transactions received in trade or business from $10,000 to $30,000, with automatic inflation updates every five years, reducing mandatory cash transaction filings (Sec. 2(a)(2)).
- Money services businesses and small-dollar financial services providersIncreases the customer transaction threshold for qualifying as a regulated money services business from $1,000 to $3,000, adjusted for inflation every five years, reducing regulatory classification and reporting burdens for smaller transactions (Sec. 2(c)).
Who it burdens
- Financial Crimes Enforcement Network (FinCEN) leadershipExtends the requirement for the FinCEN Director to deliver annual testimony before congressional committees from 5 years to 10 years after enactment of beneficial ownership reporting laws (Sec. 3).
- Department of the TreasuryRequired to issue revised regulations raising reporting thresholds, calculate inflation adjustments every five years, review and modernize anti-money laundering forms and recordkeeping rules, and submit a formal report to Congress within 360 days (Sec. 2).