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US Senate Republicans propose raising Bank Secrecy Act reporting thresholds

( October 21, 2025, 15:44 GMT | Official Statement) -- MLex Summary: Led by Senate Banking Committee Chairman Tim Scott, Republican senators are set to introduce a bill to increase reporting thresholds for currency transaction reports and suspicious activity reports under the Bank Secrecy Act. Under the bill, the threshold for filing a currency transaction report would increase from $10,000 to $30,000, and a suspicious activity report would increase from $2,000 to $3,000 and $5,000 to $10,000, and the Treasury Department would be required to adjust these amounts every five years to account for inflation.Statement follows below. Document attached....

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