Eliza Petty

The bill introduced in the 119th Congress, designated as S. 3753, aims to establish regulations for the bulk auction or group sale of specific non-performing loans and includes other associated objectives.

Bill 119 HR 1799, also known as the "Threshold Updating Act of 2021," aims to update the thresholds for currency transaction reports (CTRs) and suspicious activity reports (SARs) required by financial institutions. The bill seeks to modernize and streamline the reporting requirements to better reflect the current financial landscape and combat money laundering and other illicit activities.

Specifically, the bill proposes increasing the threshold for CTRs from $10,000 to $20,000, meaning that financial institutions would only be required to report cash transactions exceeding $20,000 to the Financial Crimes Enforcement Network (FinCEN). This adjustment is intended to reduce the reporting burden on financial institutions while still allowing for the detection of suspicious financial activities.

Additionally, the bill includes provisions to update the thresholds for SARs, which are reports filed by financial institutions to alert authorities to potentially suspicious transactions. The bill aims to ensure that SAR thresholds are set at appropriate levels to effectively identify and report suspicious activities without overwhelming financial institutions with unnecessary reporting requirements. Overall, the Threshold Updating Act of 2021 seeks to strike a balance between combating financial crimes and reducing regulatory burdens on financial institutions. By updating and modernizing the thresholds for CTRs and SARs, the bill aims to enhance the effectiveness of anti-money laundering efforts while promoting efficiency and compliance within the financial industry.