[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6850 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 6850

   To update thresholds for certain currency transaction reports and 
          suspicious activity reports, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 20, 2018

Mr. Loudermilk introduced the following bill; which was referred to the 
                    Committee on Financial Services

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                                 A BILL


 
   To update thresholds for certain 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. SHORT TITLE.

    This Act may be cited as the ``Financial Reporting Threshold 
Modernization Act''.

SEC. 2. UPDATING THRESHOLDS FOR CERTAIN CURRENCY TRANSACTION REPORTS 
              AND SUSPICIOUS ACTIVITY REPORTS.

    (a) Thresholds for Certain Currency Transaction Reports.--
            (1) In general.--Not later than the end of the 180-day 
        period beginning on the date of the enactment of this Act, the 
        Secretary of the Treasury shall revise regulations issued with 
        respect to section 5313 of title 31, United States Code, to 
        update each $10,000 threshold amount in such regulations to 
        $30,000.
            (2) Threshold for reports relating to coins and currency 
        received in nonfinancial trade or business.--Section 5331 of 
        title 31, United States Code, is amended by striking 
        ``$10,000'' each place such term appears in heading or text and 
        inserting ``$30,000''.
    (b) Thresholds for Suspicious Activity Reports.--Not later than the 
end of the 180-day period beginning on the date of the enactment of 
this Act, each Federal department or agency that issues regulations 
with respect to reports on suspicious transactions described under 
section 5318(g) of title 31, United States Code, shall update each 
$5,000 threshold amount in such regulations to $10,000 and each $2,000 
threshold amount in such regulation to $3,000.
    (c) Updating the Money Services Business Definition Thresholds.--
Not later than the end of the 180-day period beginning on the date of 
the enactment of this Act, the Secretary of the Treasury shall revise 
section 1010.100(ff) of title 31, Code of Federal Regulations, to 
update each $1,000 threshold amount in such regulations to $3,000.
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