This bill has advanced since we wrote our summary.
Current stage on Congress.gov: Reported in House.
Banks have to file a report with the government any time someone deposits or withdraws more than $10,000 in cash — a threshold set in 1970 that has never been adjusted for inflation. This bill triples it to $30,000 and ties future updates to inflation, so the number would adjust every five years. It also raises the cash threshold for nonfinancial businesses from $10,000 to $30,000 and bumps related thresholds for suspicious activity reports and money services businesses. Supporters say the paperwork is outdated and burdens small businesses; opponents worry it weakens efforts to detect money laundering and drug trafficking.
Corporate Benefits
- Currency-transaction reporting threshold — Raised from $10K to $30K under 31 USC 5313, 5315, 5331, with five-year CPI updates
- Suspicious-activity reporting thresholds — $5K threshold raised to $10K and $2K threshold raised to $3K, with five-year CPI updates
- Money-services-business definition threshold — Raised from $1K to $3K, with five-year CPI updates
Transparency & Accountability
- FinCEN director congressional testimony cycle — Required appearance frequency cut from every 5 years to every 10 years
- Treasury review of AML forms — Secretary must consult law enforcement and private-sector stakeholders within 360 days and report on aggregation, prioritization, and automation of AML reporting
Congressional Summary
This bill increases the threshold amounts for certain reporting by financial institutions, adjusts these amounts periodically for inflation, and requires a review of specified financial forms and reporting requirements.The bill increases the threshold dollar amounts above which financial institutions are required to file currency-transaction and suspicious-activity reports with the Financial Crimes Enforcement Network (FinCEN). The bill also increases the transaction threshold above which an entity must register with FinCEN as a money services business. Further, these amounts must be updated every five years to reflect the change in the consumer price index.Treasury must review and report on the effectiveness and efficiency of the forms and requirements regarding domestic coin and currency transactions, foreign currency transactions, and anti-money laundering and combating the financing of terrorism measures, among other matters. Treasury must also make appropriate updates to such forms.The bill also extends through 2031 the requirement that the director of FinCEN must be made annually available for testimony before congressional committees regarding certain FinCEN issues, including resources needed to implement beneficial ownership reporting requirements.
Legislative Subjects
Details
- Congress
- 119th
- Chamber
- House
- Status
- summarized
- Action
- Placed on the Union Calendar, Calendar No. 478.
- Action Date
- 2026-03-19
- Date Added
- 2026-04-19
- Source
- Congress.gov →
Like reading a bill in plain English?
We're building an app that does this for every bill in Congress and lets you tell your reps how you want them to vote. We're a small team getting ready to launch, and we're trying to show investors that real people want this. Be one of them. Help us get it built. Leave your email and we'll tell you the moment the app is ready.