Congress moves to revamp Bank Secrecy Act’s reporting thresholds after 50 years

The STREAMLINE Act would update anti–money laundering rules by lifting decades-old thresholds for transaction reporting, cutting red tape for banks and crypto companies.

A group of US senators led by Senate Banking Committee Chair Tim Scott (R-S.C.) has introduced legislation to modernize the Bank Secrecy Act, the foundation of the country’s Anti-Money Laundering (AML) framework. 

The Bank Secrecy Act, passed in 1970, obliges banks, credit unions, and other financial institutions to help federal authorities detect and prevent financial crimes, including money laundering, terrorist financing, and related illicit activity. 

The proposed legislation, known as the STREAMLINE Act, would raise the Bank Secrecy Act’s reporting thresholds for the first time since its creation more than 50 years ago.

Read more