Title: To streamline requirements for currency transaction reports and suspicious activity reports, and for other purposes.
Policy area: Finance and Financial Sector

Summary:
This bill directs the Department of Treasury to review requirements regarding currency-transaction reports and suspicious-activity reports, including their usefulness to law enforcement and ways to reduce regulatory burdens on financial institutions.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1039 Introduced in House (IH)]

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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 Representatives of the 
United States of America in Congress assembled,

SECTION 1. STREAMLINING REQUIREMENTS FOR CURRENCY TRANSACTION REPORTS 
              AND SUSPICIOUS ACTIVITY REPORTS.

    (a) Review.--The Secretary of the Treasury (in consultation with 
Federal law enforcement agencies, the Director of National 
Intelligence, and the Federal functional regulators and in consultation 
with other relevant stakeholders) shall undertake a formal review of 
the current 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 section 5311 of title 31, United States Code.
    (b) Contents.--The review required under subsection (a) shall 
include a study of--
            (1) whether the timeframe for filing a suspicious 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 adjusted;
            (3) whether the circumstances under which a financial 
        institution determines whether to file a ``continuing 
        suspicious activity report'', or the processes followed by a 
        financial institution in determining whether to file a 
        ``continuing suspicious activity report'' (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;
            (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 enforcement 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 financial 
        inclusion and address the adverse consequences of financial 
        institutions de-risking entire categories of high-risk 
        relationships, including charities, 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 determines 
        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 requirements, shall issue a report to the Congress 
containing 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 Secrecy Act'' 
        means--
                    (A) section 21 of the Federal Deposit Insurance 
                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 meaning given that term under 
        section 5312 of title 31, United States Code.
            (3) Financial institution.--The term ``financial 
        institution'' has the meaning given that term under section 
        5312 of title 31, United States Code.
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