STREAMLINE Act

## Summary The STREAMLINE Act aims to modernize financial reporting requirements by raising the dollar thresholds for certain currency transaction reports and adjusting them for inflation. Under current law, financial institutions and businesses must report cash transactions over $10,000 (under sections 5313, 5315, and 5331 of the Bank Secrecy Act) and suspicious transactions over $2,000 or $5,000. This bill would increase the threshold for routine currency transaction reports (CTRs) and nonfinancial business cash reports from $10,000 to $30,000 and adjust these amounts every five years based on inflation. It also raises thresholds for suspicious activity reports (SARs) from $2,000 to $3,000 and from $5,000 to $10,000. The bill mandates a review of reporting forms and processes to ensure they remain effective in combating illicit finance while reducing administrative burdens. Supporters argue this streamlines compliance with evolving economic conditions, while critics may worry about potential gaps in detecting smaller-scale financial crimes. ## Key Points - Raises currency transaction reporting thresholds: Increases the limit for required reports on cash transactions from $10,000 to $30,000 for financial institutions and nonfinancial businesses (e.g., car dealerships, real estate). - Inflation adjustments: Requires the Treasury Secretary to update these thresholds every five years using the Consumer Price Index (CPI), rounded to the nearest $1,000, to maintain their real-world relevance. - Adjusts suspicious activity thresholds: Increases SAR filing requirements from $2,000 to $3,000 and from $5,000 to $10,000, reducing the volume of reports for smaller transactions. - Review and modernization: Directs Treasury to evaluate and improve the efficiency of reporting forms and processes, including automation and prioritization, and submit recommendations to Congress. - Preserves flexibility: Clarifies that the bill does not restrict Treasury’s authority to issue geographic targeting orders or lower thresholds in specific cases under existing law. ## Impact Areas - Financial institutions: Reduced reporting obligations for smaller transactions, lowering compliance costs and administrative work. - Cash-intensive businesses: Nonfinancial businesses (e.g., luxury goods sellers, real estate agents) face fewer cash-reporting requirements, easing operational burdens. - Anti-money laundering (AML) enforcement: Potential trade-off between reducing paperwork and possibly missing illicit activity in smaller transactions; inflation adjustments aim to balance this over time.