I 

116TH CONGRESS 

1ST SESSION H. R. 1039 

To streamline requirements for currency transaction reports and suspicious 

activity reports, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 7, 2019 

Mr. RIGGLEMAN introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 

To streamline requirements for currency transaction reports 

and suspicious activity reports, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. STREAMLINING REQUIREMENTS FOR CUR4 RENCY TRANSACTION REPORTS AND SUS5 PICIOUS ACTIVITY REPORTS. 

6 (a) REVIEW.—The Secretary of the Treasury (in con7 sultation with Federal law enforcement agencies, the Di8 rector of National Intelligence, and the Federal functional 

9 regulators and in consultation with other relevant stake10 holders) shall undertake a formal review of the current 


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1 financial institution reporting requirements under the 

2 Bank Secrecy Act and its implementing regulations and 

3 propose changes to further reduce regulatory burdens, and 

4 ensure that the information provided is of a ‘‘high degree 

5 of usefulness’’ to law enforcement, as set forth under sec6 tion 5311 of title 31, United States Code. 

7 (b) CONTENTS.—The review required under sub8 section (a) shall include a study of— 

9 (1) whether the timeframe for filing a sus10 picious activity report should be increased from 30 

11 days; 

12 (2) whether or not currency transaction report 

13 and suspicious activity report thresholds should be 

14 tied to inflation or otherwise periodically be ad15 justed; 

16 (3) whether the circumstances under which a fi17 nancial institution determines whether to file a ‘‘con18 tinuing suspicious activity report’’, or the processes 

19 followed by a financial institution in determining 

20 whether to file a ‘‘continuing suspicious activity re21 port’’ (or both) can be narrowed; 

22 (4) analyzing the fields designated as ‘‘critical’’ 

23 on the suspicious activity report form and whether 

24 the number of fields should be reduced; 


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1 (5) the categories, types, and characteristics of 

2 suspicious activity reports and currency transaction 

3 reports that are of the greatest value to, and that 

4 best support, investigative priorities of law enforce5 ment and national security personnel; 

6 (6) the increased use of exemption provisions to 

7 reduce currency transaction reports that are of little 

8 or no value to law enforcement efforts; 

9 (7) the most appropriate ways to promote fi10 nancial inclusion and address the adverse con11 sequences of financial institutions de-risking entire 

12 categories of high-risk relationships, including char13 ities, embassy accounts, money service businesses (as 

14 defined under section 1010.100(ff) of title 31, Code 

15 of Federal Regulations), and correspondent banks; 

16 (8) the current financial institution reporting 

17 requirements under the Bank Secrecy Act and its 

18 implementing regulations and guidance; and 

19 (9) such other items as the Secretary deter20 mines appropriate. 

21 (c) REPORT.—Not later than the end of the one-year 

22 period beginning on the date of the enactment of this Act, 

23 the Secretary of the Treasury, in consultation with law 

24 enforcement and persons subject to Bank Secrecy Act re25 quirements, shall issue a report to the Congress containing 


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1 all findings and determinations made in carrying out the 

2 review required under subsection (a). 

3 SEC. 2. DEFINITIONS. 

4 For purposes of this Act: 

5 (1) BANK SECRECY ACT.—The term ‘‘Bank Se6 crecy Act’’ means— 

7 (A) section 21 of the Federal Deposit In8 surance Act; 

9 (B) chapter 2 of title I of Public Law 91– 

10 508; and 

11 (C) subchapter II of chapter 53 of title 31, 

12 United States Code. 

13 (2) FEDERAL FUNCTIONAL REGULATOR.—The 

14 term ‘‘Federal functional regulator’’ has the mean15 ing given that term under section 5312 of title 31, 

16 United States Code. 

17 (3) FINANCIAL INSTITUTION.—The term ‘‘fi18 nancial institution’’ has the meaning given that term 

19 under section 5312 of title 31, United States Code. 

Æ 


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