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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. STREAMLINING REQUIREMENTS FOR CUR-
RENCY TRANSACTION REPORTS AND SUS-
PICIOUS ACTIVITY REPORTS. 
(a) REVIEW.—The Secretary of the Treasury (in con-
sultation with Federal law enforcement agencies, the Di-
rector of National Intelligence, and the Federal functional 
regulators and in consultation with other relevant stake-
holders) shall undertake a formal review of the current 
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financial institution reporting requirements under the 
Bank Secrecy Act and its implementing regulations and 
propose changes to further reduce regulatory burdens, and 
ensure that the information provided is of a ‘‘high degree 
of usefulness’’ to law enforcement, as set forth under sec-
tion 5311 of title 31, United States Code. 
(b) CONTENTS.—The review required under sub-
section (a) shall include a study of— 
(1) whether the timeframe for filing a sus-
picious activity report should be increased from 30 
days; 
(2) whether or not currency transaction report 
and suspicious activity report thresholds should be 
tied to inflation or otherwise periodically be ad-
justed; 
(3) whether the circumstances under which a fi-
nancial institution determines whether to file a ‘‘con-
tinuing suspicious activity report’’, or the processes 
followed by a financial institution in determining 
whether to file a ‘‘continuing suspicious activity re-
port’’ (or both) can be narrowed; 
(4) analyzing the fields designated as ‘‘critical’’ 
on the suspicious activity report form and whether 
the number of fields should be reduced; 
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(5) the categories, types, and characteristics of 
suspicious activity reports and currency transaction 
reports that are of the greatest value to, and that 
best support, investigative priorities of law enforce-
ment and national security personnel; 
(6) the increased use of exemption provisions to 
reduce currency transaction reports that are of little 
or no value to law enforcement efforts; 
(7) the most appropriate ways to promote fi-
nancial inclusion and address the adverse con-
sequences of financial institutions de-risking entire 
categories of high-risk relationships, including char-
ities, embassy accounts, money service businesses (as 
defined under section 1010.100(ff) of title 31, Code 
of Federal Regulations), and correspondent banks; 
(8) the current financial institution reporting 
requirements under the Bank Secrecy Act and its 
implementing regulations and guidance; and 
(9) such other items as the Secretary deter-
mines appropriate. 
(c) REPORT.—Not later than the end of the one-year 
period beginning on the date of the enactment of this Act, 
the Secretary of the Treasury, in consultation with law 
enforcement and persons subject to Bank Secrecy Act re-
quirements, shall issue a report to the Congress containing 
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all findings and determinations made in carrying out the 
review required under subsection (a). 
SEC. 2. DEFINITIONS. 
For purposes of this Act: 
(1) BANK SECRECY ACT.—The term ‘‘Bank Se-
crecy Act’’ means— 
(A) section 21 of the Federal Deposit In-
surance Act; 
(B) chapter 2 of title I of Public Law 91– 
508; and 
(C) subchapter II of chapter 53 of title 31, 
United States Code. 
(2) FEDERAL FUNCTIONAL REGULATOR.—The 
term ‘‘Federal functional regulator’’ has the mean-
ing given that term under section 5312 of title 31, 
United States Code. 
(3) FINANCIAL
INSTITUTION.—The term ‘‘fi-
nancial institution’’ has the meaning given that term 
under section 5312 of title 31, United States Code. 
Æ 
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