S.Amdt. 6241

This amendment, submitted by Mr. Kennedy, aims to add a section regarding Treasury Reports to bill S. 4784. Its purpose is to increase the dollar amounts that trigger certain financial reports and establish a process for future inflation adjustments.

Changes to reporting thresholds:

• Currency Transaction Reports: Updates threshold amounts that are currently $10,000 to $30,000.
• Nonfinancial Trade or Business: Changes $10,000 thresholds to $30,000 for reports on coins and currency received in these businesses.
• Suspicious Activity Reports: Updates threshold amounts that are $2,000 to $3,000 and those that are $5,000 to $10,000.

New requirements for the Secretary of the Treasury:

• Inflation Adjustments: The Secretary must update these thresholds every 5 years based on the Consumer Price Index for All Urban Consumers, rounding to the nearest $1,000.
• Review and Reporting: Within 360 days, the Secretary must review reporting and recordkeeping requirements to ensure they are efficient in identifying illicit finance activity. The Secretary must then submit a report with results and recommendations to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services.

Limitations:

• These changes do not affect the Secretary of the Treasury's ability to issue geographic targeting orders or to reduce reporting thresholds according to applicable law.