CUNA-backed BSA/AML bill set for Thursday committee markup

The House Financial Services Committee is scheduled to mark up CUNA-backed draft legislation Thursday that would make several updates to Bank Secrecy Act/Anti-Money Laundering (BSA/AML) requirements. CUNA supports efforts to track money laundering and terrorist financing, but has also pushed for a balance of safety and costs.

“We believe it is essential for regulators and law enforcement to strike the balance between benefits to the federal government and costs to credit unions and other financial institutions,” said CUNA Chief Advocacy Officer Ryan Donovan. “We support this bill’s efforts to streamline reporting, modernize reporting thresholds that haven’t changed in decades and allow for greater transparency and consistency.”

The bill, titled the Counter Terrorism and Illicit Finance Act, would:

  • Raise the Currency Transaction Report (CTR) to $30,000 (up from the current $10,000) and the Suspicious Activity Report (SAR) threshold to $10,000 (up from the current $5,000);

 

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