Financial Reporting Threshold Modernization Act

Hozzl · 2025-03-19T13:20:04Z

Explore the details of House Bill 1799 Financial Reporting Threshold Modernization Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

3/19/2025, 1:20 PM

Summary of Bill HR 1799

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.

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Current Status of Bill HR 1799

Bill HR 1799 is currently in the status of Bill Introduced since March 3, 2025. Bill HR 1799 was introduced during Congress 119 and was introduced to the House on March 3, 2025. Bill HR 1799's most recent activity was Referred to the House Committee on Financial Services. as of March 3, 2025

Bipartisan Support of Bill HR 1799

Total Number of Sponsors

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Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 1799

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 1799

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

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