Congress Aims to Modernize Bank Secrecy Act Reporting Thresholds

A group of US senators, led by Senator Tim Scott (R-SC), have introduced legislation to update the Bank Secrecy Act, a foundational law for anti-money laundering (AML) in the United States. First enacted in 1970, the act requires financial institutions to assist federal authorities in identifying and preventing criminal activities such as money laundering, terrorist financing, and related illicit activity. The proposed STREAMLINE Act would raise reporting thresholds for the first time since its inception more than 50 years ago. )