On June 12, 2018, the House of Representatives introduced a bill proposing to update the dollar amount thresholds for Currency Transaction Reports (“CTR”) and Suspicious Activity Reports (“SAR”); the threshold amount for the mandatory filing of a CTR would increase from $10,000 to $30,000, and the threshold for filing a SAR would increase from $5,000 to $10,000.

Also included within this bill is an 18-month enforcement safe harbor of the Customer Due Diligence Rule (“CDD Rule”), which would provide relief to financial institutions so long as a good faith effort is made to comply with the rule.

Finally, the bill includes provisions to conduct studies on the following topics: (1) evaluating the effectiveness of the information obtained from the CDD Rule and effectiveness of incorporation practices under the CDD Rule; and (2) evaluating the cost and effectiveness of compliance with the Bank Secrecy Act and related anti-money laundering laws and regulations.

Click here to view the bill.