I 

115TH CONGRESS 

1ST SESSION H. R. 4373 

To modernize and strengthen the United States anti-money laundering and 

counter-terrorism financing regime. 

IN THE HOUSE OF REPRESENTATIVES 

NOVEMBER 13, 2017 

Mr. ROYCE of California (for himself and Mr. GONZALEZ of Texas) introduced 

the following bill; which was referred to the Committee on Financial Services 

A BILL 

To modernize and strengthen the United States anti-money 

laundering and counter-terrorism financing regime. 

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

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Anti-Money Laun5 dering and Counter-Terrorism Financing Modernization 

6 Act’’ or the ‘‘AML and CTF Modernization Act’’. 

7 SEC. 2. MODIFICATION OF CURRENCY TRANSACTION RE8 PORTING THRESHOLD. 

9 (a) SUBPART C OF SECTION 1010.— 


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1 (1) INITIAL ADJUSTMENT.—Not later than 1 

2 year after the date of enactment of this Act, the 

3 Secretary of the Treasury shall adjust the dollar 

4 amounts under subpart C of part 1010 of title 31, 

5 Code of Federal Regulations, to an amount that is 

6 rounded to the nearest multiple of $1,000 and— 

7 (A) is not less than $30,000; and 

8 (B) is not more than the amount that re9 flects the change in the Consumer Price Index 

10 for All Urban Consumers published by the Bu11 reau of Labor Statistics since the date on which 

12 such dollar amounts were last established or ad13 justed, as applicable. 

14 (2) PERIODIC ADJUSTMENTS.— 

15 (A) IN GENERAL.—At the end of each 5- 

16 year period beginning on the date that the Sec17 retary makes the adjustment required under 

18 paragraph (1), the Secretary shall readjust such 

19 dollar amounts, rounded to the nearest multiple 

20 of $1,000, to reflect the change in the Con21 sumer Price Index for All Urban Consumers 

22 published by the Bureau of Labor Statistics 

23 since the date on which such dollar amounts 

24 were last adjusted. 


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1 (B) ALTERNATIVE ADJUSTMENT AUTHOR2 ITY.—If, at the time of an adjustment described 

3 under subparagraph (A), the Secretary, after 

4 consultation with law enforcement agencies and 

5 the Bank Secrecy Act Advisory Group, deter6 mines that such adjustment would significantly 

7 frustrate the ability of law enforcement and fi8 nancial institutions to detect and prevent money 

9 laundering and terrorism financing, the Sec10 retary may make such adjustment using a met11 ric other than the Consumer Price Index for All 

12 Urban Consumers published by the Bureau of 

13 Labor Statistics or choose to not make such ad14 justment. 

15 (b) REPORTS ON EXPORTING AND IMPORTING MONE16 TARY INSTRUMENTS.—Section 5316 of title 31, United 

17 States Code, is amended by adding at the end the fol18 lowing: 

19 ‘‘(e) ADJUSTMENT FOR INFLATION.— 

20 ‘‘(1) INITIAL ADJUSTMENT.—Not later than 1 

21 year after the date of enactment of this subsection, 

22 the Secretary of the Treasury shall adjust the dollar 

23 amounts under subsection (a), to an amount that is 

24 rounded to the nearest multiple of $1,000 and— 

25 ‘‘(A) is not less than $30,000; and 


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1 ‘‘(B) is not more than the amount that re2 flects the change in the Consumer Price Index 

3 for All Urban Consumers published by the Bu4 reau of Labor Statistics since the date on which 

5 such dollar amounts were last amended or ad6 justed, as applicable. 

7 ‘‘(2) PERIODIC ADJUSTMENTS.— 

8 ‘‘(A) IN GENERAL.—At the end of each 5- 

9 year period beginning on the date that the Sec10 retary makes the adjustment required under 

11 paragraph (1), the Secretary shall readjust such 

12 dollar amounts, rounded to the nearest multiple 

13 of $1,000, to reflect the change in the Con14 sumer Price Index for All Urban Consumers 

15 published by the Bureau of Labor Statistics 

16 since the date on which such dollar amounts 

17 were last adjusted. 

18 ‘‘(B) ALTERNATIVE ADJUSTMENT AUTHOR19 ITY.—If, at the time of an adjustment described 

20 under subparagraph (A), the Secretary, after 

21 consultation with law enforcement agencies and 

22 the Bank Secrecy Act Advisory Group, deter23 mines that such adjustment would significantly 

24 frustrate the ability of law enforcement and fi25 nancial institutions to detect and prevent money 


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1 laundering and terrorism financing, the Sec2 retary may make such adjustment using a met3 ric other than the Consumer Price Index for All 

4 Urban Consumers published by the Bureau of 

5 Labor Statistics or choose to not make such ad6 justment.’’. 

7 (c) REPORTS ON COINS AND CURRENCY RECEIVED

8 IN NONFINANCIAL TRADE OR BUSINESS.—Section 5331 

9 of title 31, United States Code, is amended by adding at 

10 the end the following: 

11 ‘‘(e) ADJUSTMENT FOR INFLATION.— 

12 ‘‘(1) INITIAL ADJUSTMENT.—Not later than 1 

13 year after the date of enactment of this subsection, 

14 the Secretary of the Treasury shall adjust the dollar 

15 amounts under this section, to an amount that is 

16 rounded to the nearest multiple of $1,000 and— 

17 ‘‘(A) is not less than $30,000; and 

18 ‘‘(B) is not more than the amount that re19 flects the change in the Consumer Price Index 

20 for All Urban Consumers published by the Bu21 reau of Labor Statistics since the date on which 

22 such dollar amounts were last amended or ad23 justed, as applicable. 

24 ‘‘(2) PERIODIC ADJUSTMENTS.— 


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1 ‘‘(A) IN GENERAL.—At the end of each 5- 

2 year period beginning on the date that the Sec3 retary makes the adjustment required under 

4 paragraph (1), the Secretary shall readjust such 

5 dollar amounts, rounded to the nearest multiple 

6 of $1,000, to reflect the change in the Con7 sumer Price Index for All Urban Consumers 

8 published by the Bureau of Labor Statistics 

9 since the date on which such dollar amounts 

10 were last adjusted. 

11 ‘‘(B) ALTERNATIVE ADJUSTMENT AUTHOR12 ITY.—If, at the time of an adjustment described 

13 under subparagraph (A), the Secretary, after 

14 consultation with law enforcement agencies and 

15 the Bank Secrecy Act Advisory Group, deter16 mines that such adjustment would significantly 

17 frustrate the ability of law enforcement and fi18 nancial institutions to detect and prevent money 

19 laundering and terrorism financing, the Sec20 retary may make such adjustment using a met21 ric other than the Consumer Price Index for All 

22 Urban Consumers published by the Bureau of 

23 Labor Statistics or choose to not make such ad24 justment.’’. 


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1 SEC. 3. MODIFICATION OF SUSPICIOUS ACTIVITY REPORT2 ING THRESHOLD. 

3 (a) IN GENERAL.—Each Federal department or 

4 agency that issues regulations with respect to reports on 

5 suspicious transactions described under section 5318(g) of 

6 title 31, United States Code, shall, not later than 1 year 

7 after the date of enactment of this Act, and every 5 years 

8 thereafter, adjust any dollar amount thresholds contained 

9 in such regulations to reflect the change in the Consumer 

10 Price Index for All Urban Consumers published by the 

11 Bureau of Labor Statistics since the date on which such 

12 dollar amounts were last established or adjusted, as appli13 cable. 

14 (b) ALTERNATIVE ADJUSTMENT AUTHORITY.—If, at 

15 the time of an adjustment described under subsection (a) 

16 other than the adjustment made within the 1-year period 

17 following the date of the enactment of this Act, a Federal 

18 department or agency, after consultation with law enforce19 ment agencies and the Bank Secrecy Act Advisory Group, 

20 determines that such adjustment would significantly frus21 trate the ability of law enforcement and financial institu22 tions to detect and prevent money laundering and ter23 rorism financing, the Federal department or agency may 

24 make such adjustment using a metric other than the Con25 sumer Price Index for All Urban Consumers published by 


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1 the Bureau of Labor Statistics or choose to not make such 

2 adjustment. 

3 SEC. 4. IMPROVED INFORMATION SHARING. 

4 (a) DISCLOSURE TO FOREIGN BRANCHES OR AFFILI5 ATES.—Within 180 days after the date of enactment of 

6 this Act, the Secretary of the Treasury shall, by regula7 tion, clearly authorize domestic financial institutions to 

8 share suspicious activity reports with a foreign branch or 

9 affiliate of the domestic financial institutions, if such 

10 branch or affiliate is located in a country that— 

11 (1) is a member of the Financial Action Task 

12 Force (‘‘FATF’’) or a FATF-style regional body; 

13 and 

14 (2) has adequate privacy protections and data 

15 security measures in effect to prevent the unauthor16 ized disclosure of such reports. 

17 (b) LIABILITY.—A domestic financial institution that 

18 transmits, receives, or shares suspicious activity reports 

19 with a foreign branch or affiliate of the domestic financial 

20 institution in accordance with the regulation promulgated 

21 pursuant to subsection (a) shall not be liable to any person 

22 under any law or regulation of the United States, any con23 stitution, law, or regulation of any State or political sub24 division thereof, or under any contract or other legally en25 forceable agreement (including any arbitration agreeVerDate Sep 11 2014 20:23 Nov 20, 2017 Jkt 079200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6201 E:\BILLS\H4373.IH H4373

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1 ment), for sharing such reports, except where such trans2 mission, receipt, or sharing violates this section or regula3 tions promulgated pursuant to this section. 

4 (c) DISCLOSURE TO GOVERNMENT AGENCIES.—Sec5 tion 5318(g)(3)(B) of title 31, United States Code, is 

6 amended— 

7 (1) in clause (i), by striking ‘‘or’’ at the end; 

8 (2) in clause (ii), by striking the period and in9 serting ‘‘; or’’; and 

10 (3) by adding at the end the following: 

11 ‘‘(iii) any duty or requirement of a fi12 nancial institution or any director, officer, 

13 employee, or agent of such institution to 

14 demonstrate that a disclosure described in 

15 subparagraph (A) is made in good faith.’’. 

16 (d) COOPERATION AMONG FINANCIAL INSTITU17 TIONS.—Section 314 of the USA PATRIOT Act (31 

18 U.S.C. 5311 note) is amended— 

19 (1) in subsection (b)— 

20 (A) by striking ‘‘suspected of possible ter21 rorist or money laundering activities’’ and in22 serting ‘‘for the purpose of identifying and, as 

23 appropriate, reporting possible terrorist or 

24 money laundering activities, or a specified un25 lawful activity (as defined under section 


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1 1956(c)(7) of title 18, United States Code)’’; 

2 and 

3 (B) by striking ‘‘or money laundering ac4 tivities shall’’ and inserting ‘‘, money laun5 dering activities, or a specified unlawful activity 

6 (as defined under section 1956(c)(7) of title 18, 

7 United States Code) shall’’; and 

8 (2) in subsection (c), by striking ‘‘engaged in or 

9 suspected of engaging in terrorist acts or money 

10 laundering activities’’ and inserting ‘‘for the purpose 

11 of identifying and, as appropriate, reporting possible 

12 terrorist acts or money laundering activities, or a 

13 specified unlawful activity (as defined under section 

14 1956(c)(7) of title 18, United States Code),’’. 

15 SEC. 5. ADMINISTRATIVE RULINGS. 

16 (a) IN GENERAL.—Subchapter II of chapter 53 of 

17 title 31, United States Code, is amended by adding at the 

18 end the following: 

19 ‘‘§ 5333. Administrative rulings 

20 ‘‘(a) ESTABLISHMENT OF PROCEDURES.— 

21 ‘‘(1) IN GENERAL.—Not later than 1 year after 

22 the date of enactment of this section, the Secretary 

23 of the Treasury, acting through the Financial 

24 Crimes Enforcement Network, shall establish a pro25 cedure in accordance with the requirements of this 


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1 section to provide written rulings in response to in2 quiries concerning the conformance of specific con3 duct with the Bank Secrecy Act. 

4 ‘‘(2) CONSULTATION WITH OTHER AGENCIES

5 AND THE PUBLIC.—In establishing the procedure 

6 under paragraph (1), the Secretary shall consult 

7 with other financial regulators and such other Fed8 eral departments and agencies as the Secretary de9 termines appropriate, and obtain the views of all in10 terested persons through a public notice and com11 ment period. 

12 ‘‘(b) REQUESTS.— 

13 ‘‘(1) IN GENERAL.—A person making a request 

14 for a ruling under this section— 

15 ‘‘(A) shall make such request in writing; 

16 ‘‘(B) shall include in such request— 

17 ‘‘(i) a complete description of the situ18 ation for which the ruling is requested; 

19 ‘‘(ii) a complete statement of all mate20 rial facts related to the subject transaction; 

21 ‘‘(iii) a concise and unambiguous 

22 question to be answered; 

23 ‘‘(iv) a statement certifying, to the 

24 best of the requestor’s knowledge and be25 lief, that the question to be answered is 


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1 not applicable to any ongoing state or Fed2 eral investigation, litigation, grand jury 

3 proceeding, or proceeding before any other 

4 governmental body involving either the re5 questor, any other party to the subject 

6 transaction, or any other party with whom 

7 the requestor has an agency relationship; 

8 ‘‘(v) a statement identifying any infor9 mation in the request that the requestor 

10 considers to be exempt from disclosure 

11 under section 552 of title 5, United States 

12 Code (commonly referred to as the ‘Free13 dom of Information Act’), and the reason 

14 therefor; 

15 ‘‘(vi) if the subject situation is hypo16 thetical, a statement justifying why the 

17 particular situation described warrants the 

18 issuance of a ruling; and 

19 ‘‘(vii) the signature of— 

20 ‘‘(I) the person making the re21 quest; 

22 ‘‘(II) if an agent makes the re23 quest, the agent, accompanied by a 

24 statement certifying the authority 

25 under which the request is made; or 


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1 ‘‘(III) if the request is being filed 

2 by a corporation or a partnership, a 

3 corporate officer or a partner, as ap4 plicable; 

5 ‘‘(C) may advocate a particular proposed 

6 interpretation and may set forth the legal and 

7 factual basis for that interpretation; and 

8 ‘‘(D) shall advise immediately in writing of 

9 any subsequent change in any material fact or 

10 statement submitted with a request under this 

11 section. 

12 ‘‘(2) WITHDRAWAL OF REQUEST.—A person 

13 may withdraw a request made under this section at 

14 any time before the ruling has been issued. 

15 ‘‘(3) NONCONFORMING REQUESTS.—The Sec16 retary shall notify a requester if the request does not 

17 conform with the requirements of paragraph (1). 

18 Such notice shall be in writing and shall describe the 

19 requirements that have not been met. A request that 

20 is not brought into conformity with such require21 ments within 30 days from the date of such notice, 

22 unless extended for good cause by the Secretary, 

23 shall be treated as though it were withdrawn. 

24 ‘‘(c) RIGHT TO ORAL DISCUSSIONS.— 


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1 ‘‘(1) IN GENERAL.—A person who has made a 

2 request in conformity with subsection (b)(1) may re3 quest an opportunity for oral discussion of the issues 

4 presented in the request, but— 

5 ‘‘(A) personal conferences or telephone 

6 conferences may be scheduled only for the pur7 pose of affording the requester an opportunity 

8 to discuss freely and openly the matters set 

9 forth in the request; and 

10 ‘‘(B) the conferees will not be bound by 

11 any argument or position advocated or agreed 

12 to, expressly or impliedly, during the con13 ference. 

14 ‘‘(2) AT THE DISCRETION OF THE SEC15 RETARY.—The request should be made to the Sec16 retary, and any decision to grant such a conference 

17 is wholly within the discretion of the Secretary. 

18 ‘‘(3) TREATMENT OF NEW ARGUMENTS OR

19 FACTS.—Any new arguments or facts put forth by 

20 the requester at the meeting must be reduced to 

21 writing by the requester and submitted in con22 formity with subsection (b)(1) before they may be 

23 considered in connection with the request. 

24 ‘‘(d) ISSUING RULINGS.— 


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1 ‘‘(1) IN GENERAL.—The Secretary shall, within 

2 120 days of receiving the request for a ruling under 

3 this section, issue a written ruling interpreting the 

4 relationship between the Bank Secrecy Act and each 

5 situation for which such a ruling has been requested 

6 under this section. 

7 ‘‘(2) PUBLIC DISCLOSURE.—A ruling rendered 

8 pursuant to this section shall be placed in the public 

9 record 90 days after the requesting party has re10 ceived the ruling, subject to any limitations on public 

11 disclosure arising from statutory restrictions, regula12 tions, or the public interest. The Secretary shall re13 dact any personal, confidential, or identifying infor14 mation about the person or any other persons men15 tioned in the administrative ruling, unless the person 

16 consents to such disclosure. 

17 ‘‘(3) PRECEDENTIAL VALUE OF RULINGS.—A 

18 ruling issued under this section shall bind the Sec19 retary and shall have precedential value, and hence 

20 may be relied upon by others similarly situated. 

21 ‘‘(4) AVAILABILITY OF RULINGS.—The Sec22 retary shall make all such rulings available to any 

23 person upon written request specifically identifying 

24 the ruling sought. 

25 ‘‘(e) MODIFYING OR RESCINDING RULINGS.— 


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1 ‘‘(1) IN GENERAL.—The Secretary may modify 

2 or rescind any ruling made pursuant to this sec3 tion— 

4 ‘‘(A) when, in light of changes in statute 

5 or regulations, the ruling no longer sets forth 

6 the interpretation of the Secretary with respect 

7 to the described situation; 

8 ‘‘(B) when any fact or statement submitted 

9 in the original request is found to be materially 

10 inaccurate or incomplete; or 

11 ‘‘(C) for other good cause. 

12 ‘‘(2) REQUEST FOR MODIFICATION OR RESCIS13 SION.—Any person may submit to the Secretary a 

14 written request that a ruling be modified or re15 scinded. Such request— 

16 ‘‘(A) should conform to the requirements 

17 of subsection (b), explain why rescission or 

18 modification is warranted, and refer to any rea19 sons in paragraph (1) that are relevant; and 

20 ‘‘(B) may advocate an alternative interpre21 tation and may set forth the legal and factual 

22 basis for that interpretation. 

23 ‘‘(3) MANNER IN WHICH MODIFICATIONS OR

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1 ify or rescind an existing ruling by issuing a new 

2 ruling that rescinds the relevant prior ruling. 

3 ‘‘(4) RESCINDED RULINGS LOSE PRECEDENTIAL

4 VALUE.—Once rescinded, a ruling shall no longer 

5 have any precedential value. 

6 ‘‘(5) APPLICATION TO ORIGINAL PARTIES.—A 

7 ruling may be modified or rescinded retroactively 

8 with respect to one or more parties to the original 

9 ruling request if the Secretary determines that— 

10 ‘‘(A) a fact or statement in the original re11 quest was materially inaccurate or incomplete; 

12 ‘‘(B) the requestor failed to notify in writ13 ing the Secretary of a material change to any 

14 fact or statement in the original request; or 

15 ‘‘(C) a party to the original request acted 

16 in bad faith when relying upon the ruling. 

17 ‘‘(f) DISCLOSURE OF INFORMATION.— 

18 ‘‘(1) IN GENERAL.—Any part of any ruling, in19 cluding names, addresses, or information related to 

20 the business transactions of private parties, may be 

21 disclosed pursuant to a request under section 552 of 

22 title 5, United States Code (commonly referred to as 

23 the ‘Freedom of Information Act’). 

24 ‘‘(2) REQUEST FOR EXEMPTION.—If the re25 quest for a ruling contains information which the reVerDate Sep 11 2014 20:23 Nov 20, 2017 Jkt 079200 PO 00000 Frm 00017 Fmt 6652 Sfmt 6201 E:\BILLS\H4373.IH H4373

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1 questor wishes to be considered for exemption from 

2 disclosure under such section 552, the requestor 

3 should clearly identify such portions of the request 

4 and the reasons why such information should be ex5 empt from disclosure. 

6 ‘‘(3) NOTICE TO REQUESTOR.—A requestor 

7 claiming an exemption from disclosure shall be noti8 fied by the Secretary, at least 10 days before the 

9 ruling is issued, of a decision not to exempt any of 

10 such information from disclosure so that the under11 lying request for a ruling can be withdrawn if the 

12 requestor so chooses. 

13 ‘‘(g) INQUIRY FEE.— 

14 ‘‘(1) IN GENERAL.—The Secretary may charge 

15 a fee for each inquiry made under this section in an 

16 amount sufficient, in the aggregate, to pay for the 

17 cost of carrying out this section and such amounts 

18 may be used, without further appropriation, to carry 

19 out this section. Such system shall provide a lower 

20 fee for small business concerns compared to the fee 

21 charged to other persons. 

22 ‘‘(2) NOTICE AND COMMENT.—If the Secretary 

23 decides to charge the fee described under paragraph 

24 (1)— 


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1 ‘‘(A) the Secretary shall establish a system 

2 for charging such fee, publish a description of 

3 such system in the Federal Register, and solicit 

4 comments from the public for a period of 60 

5 days after publication; and 

6 ‘‘(B) publish a final description of the fee 

7 system and implement such fee system not later 

8 than 30 days after the end of such public com9 ment period. 

10 ‘‘(h) REPORT TO CONGRESS.—The Secretary shall, in 

11 a semi-annual report, submit information regarding the 

12 number of requests for an administrative ruling received 

13 under this section, the subject of each request, the number 

14 of nonconforming requests treated as withdrawn pursuant 

15 to subsection (b)(3), and the time needed to respond to 

16 each request. 

17 ‘‘(i) DEFINITIONS.—For purposes of this section: 

18 ‘‘(1) BANK SECRECY ACT.—The term ‘Bank Se19 crecy Act’ means— 

20 ‘‘(A) this subchapter; 

21 ‘‘(B) section 21 of the Federal Deposit In22 surance Act; 

23 ‘‘(C) chapter 2 of title I of Public Law 91– 

24 508; and 


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1 ‘‘(D) section 314 of the USA PATRIOT 

2 Act. 

3 ‘‘(2) SMALL BUSINESS CONCERN.—The term 

4 ‘small business concern’ has the meaning given such 

5 term under section 3 of the Small Business Act.’’. 

6 (b) CLERICAL AMENDMENT.—The table of contents 

7 in chapter 53 of title 31, United States Code, is amended 

8 by inserting after the item relating to section 5332 the 

9 following: 

‘‘5333. Administrative rulings.’’. 

10 SEC. 6. QUALITATIVE FEEDBACK MECHANISM. 

11 Within 180 days after the date of enactment of this 

12 Act, the Secretary of the Treasury shall, after providing 

13 for public notice and comment, establish a mechanism 

14 to— 

15 (1) communicate annual anti-money laundering 

16 and countering terrorism financing priorities to fi17 nancial institutions, other Federal financial regu18 lators, and such other Federal departments and 

19 agencies as the Secretary determines appropriate; 

20 and 

21 (2) provide to financial institutions qualitative 

22 feedback on information shared by financial institu23 tions with the Department of Treasury, including 

24 currency transaction reports and suspicious activity 

25 reports. 


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1 SEC. 7. REPORT. 

2 Within 1 year of the date of the enactment of this 

3 Act, the Secretary of the Treasury, in consultation with 

4 the Federal banking agencies (as such term is defined 

5 under Section 3 of the Federal Deposit Insurance Act) 

6 and other agencies, as applicable, shall submit a report 

7 to the Committee on Financial Services of the House of 

8 Representatives and the Committee on Banking, Housing, 

9 and Urban Affairs of the Senate on— 

10 (1) the potential for artificial intelligence, ma11 chine learning, and other technologies to help detect 

12 and prevent money laundering and terrorist financ13 ing; 

14 (2) the costs and benefits associated with the 

15 establishment, by the Federal Government or by the 

16 Federal Government in partnership with the private 

17 sector, of a centralized database to help financial in18 stitutions detect and prevent money laundering and 

19 terrorist financing, including the impact of such a 

20 database on the security and privacy of financial in21 formation and the ability of technology or changes in 

22 law to ensure the security and privacy of such infor23 mation; 

24 (3) actions that can be taken, administratively 

25 or through the enactment of legislation, to streamVerDate Sep 11 2014 20:23 Nov 20, 2017 Jkt 079200 PO 00000 Frm 00021 Fmt 6652 Sfmt 6201 E:\BILLS\H4373.IH H4373

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1 line and improve reporting requirements under the 

2 United States anti-money laundering regime; 

3 (4) how to further include law enforcement 

4 within the United States anti-money laundering re5 gime and establish methods for law enforcement to 

6 provide feedback to institutions on the information 

7 they submit; 

8 (5) the utility of a single filing threshold for 

9 suspicious activity reports as an alternative to vary10 ing thresholds, as currently in effect; and 

11 (6) the mechanism described in section 6. 

12 SEC. 8. DEFINITIONS. 

13 For purposes of this Act: 

14 (1) CURRENCY TRANSACTION REPORT.—The 

15 term ‘‘currency transaction report’’ means a report 

16 described under section 5313, 5316, or 5331 of title 

17 31, United States Code. 

18 (2) FINANCIAL INSTITUTION.—The term ‘‘fi19 nancial institution’’ has the meaning given that term 

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

21 (3) SUSPICIOUS ACTIVITY REPORT.—The term 

22 ‘‘suspicious activity report’’ means a report de23 scribed under section 5318(g) of title 31, United 

24 States Code. 

Æ 


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