S. 3017: Streamlining Transaction Reporting and Ensuring Anti-Money Laundering Improvements for a New Era Act

This bill, known as the Streamlining Transaction Reporting and Ensuring Anti-Money Laundering Improvements for a New Era Act, aims to update various reporting thresholds related to financial transactions for better compliance with anti-money laundering regulations.

Key Provisions

1. Updates to Currency Transaction Report Thresholds

The bill proposes an increase in the reporting threshold for currency transaction reports from $10,000 to $30,000. This adjustment is intended to take effect within 180 days after the bill becomes law. Additionally, the Secretary of the Treasury will be required to adjust this threshold every five years to reflect changes in inflation, based on the Consumer Price Index from the Bureau of Labor Statistics. Each adjustment will round to the nearest $1,000.

2. Changes to Reports on Coins and Currency in Nonfinancial Trade

The legislation also amends regulations regarding reports related to coins and currency received in nonfinancial trade or business by adjusting the relevant threshold from $10,000 to $30,000. Similar inflation adjustments will be applied every five years as outlined above.

3. Suspicious Activity Report Thresholds

In terms of suspicious activity reports, the bill mandates an increase in the reporting thresholds. The current threshold of $2,000 will be raised to $3,000, and the $5,000 threshold will be increased to $10,000. These changes will also come into effect within 180 days after the bill's enactment.

4. Review and Reporting Requirements

The Secretary of the Treasury is tasked with reviewing existing forms and reporting requirements related to the aforementioned sections within 360 days of the bill's enactment. This review will analyze the effectiveness and efficiency of current requirements in identifying illicit financial activities. The Secretary may then update these requirements as necessary.

5. Reporting to Congress

The Secretary of the Treasury must report to Congress on the results of the review, summarizing findings and recommending updates to the reporting requirements.

6. Geographic Targeting Orders

The bill clarifies that it does not affect the Secretary of the Treasury's authority to issue geographic targeting orders or alter any existing orders. Additionally, it ensures that the Secretary retains the ability to reduce reporting thresholds when appropriate and in accordance with applicable laws.

Relevant Companies

• JPM - JPMorgan Chase & Co.: As a major banking institution, JPMorgan may have to adjust its reporting practices and systems in accordance with the updated thresholds for currency and suspicious activity reports.
• GS - The Goldman Sachs Group, Inc.: Similar to JPMorgan, Goldman Sachs could be impacted by changes to transaction reporting thresholds, requiring updates to their compliance infrastructure.
• C - Citigroup Inc.: Citigroup may also face adjustments in their reporting requirements to comply with the increased thresholds and the ongoing review mandated by the bill.