Financial Reporting Threshold Modernization Act

Increased Thresholds for Currency Transaction Reports: The bill directs the Secretary of the Treasury to update $10,000 threshold amounts to $30,000, which may change how transactions are reported (Section 2(a)(1)(A)).

Updated Thresholds for Nonfinancial Trade or Business: The bill amends the threshold for reports relating to coins and currency received in nonfinancial trade or business from $10,000 to $30,000 (Section 2(a)(2)).

Adjusted Suspicious Activity Report Thresholds: Federal agencies will update $5,000 thresholds to $10,000 and $2,000 thresholds to $3,000 (Section 2(b)(1)).

Updated Money Services Business Thresholds: The Secretary of the Treasury will update $1,000 threshold amounts to $3,000 (Section 2(c)(1)).

Inflation Adjustments: The bill requires updates every 5 years to various thresholds to reflect changes in the Consumer Price Index for All Urban Consumers (Section 2(a)(1)(B), Section 2(a)(2), Section 2(b)(2), and Section 2(c)(2)).

Efficiency Review: The Secretary of the Treasury is tasked with reviewing reporting requirements to ensure they are effective and efficient in identifying illicit finance activity (Section 2(d)(1)).