H.R. 1039 – To streamline requirements for currency transaction reports and suspicious acti…

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Updated April 14, 2026 at 1:30 AM UTC

The bill directs the Treasury Secretary to conduct a comprehensive review of the Bank Secrecy Act’s currency transaction report (CTR) and suspicious activity report (SAR) requirements. The review, done with law‑enforcement, intelligence, regulators and other stakeholders, must look for ways to cut unnecessary regulatory burdens while keeping the information useful for investigations. It specifically asks the Treasury to examine filing deadlines, threshold levels, report fields, exemptions, and the impact of reporting rules on financial inclusion. The Secretary must deliver a report of the findings and any proposed changes to Congress within one year of the law’s enactment.

Key Provisions

Mandates a formal review of all CTR and SAR requirements under the Bank Secrecy Act, with input from federal law‑enforcement, intelligence agencies, functional regulators, and other stakeholders.
The review must consider extending the 30‑day SAR filing deadline, tying reporting thresholds to inflation or other periodic adjustments, and narrowing the criteria for “continuing” SARs.
Calls for an analysis of whether the number of “critical” fields on SAR forms can be reduced and which types of reports provide the most value to law‑enforcement and national‑security investigations.
Requires evaluation of increased use of exemptions to eliminate low‑value CTRs and SARs, and assessment of how reporting rules affect financial inclusion and the de‑risking of charities, embassies, money‑service businesses, and correspondent banks.
The Treasury must submit a report of findings and any recommended changes to Congress no later than one year after the act’s effective date.

Legislative Activity

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HouseIntro Referral Latest Action

Referred to the House Committee on Financial Services.

Financial Services Committee

February 7, 2019

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HouseIntro Referral

Introduced in House

February 7, 2019

HouseIntro Referral

Referred to the House Committee on Financial Services.

Financial Services Committee

February 7, 2019

Bill Text

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Introduced in HouseIssued February 7, 2019

I

116th CONGRESS

1st Session

H. R. 1039

IN THE HOUSE OF REPRESENTATIVES

February 7, 2019

Mr. Riggleman introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To streamline requirements for currency transaction reports and suspicious activity reports, and for other purposes.

1.

Streamlining requirements for currency transaction reports and suspicious activity reports

(a)

Review

The Secretary of the Treasury (in consultation with Federal law enforcement agencies, the Director of National Intelligence, and the Federal functional regulators and in consultation with other relevant stakeholders) shall undertake a formal review of the current financial institution reporting requirements under the Bank Secrecy Act and its implementing regulations and propose changes to further reduce regulatory burdens, and ensure that the information provided is of a high degree of usefulness to law enforcement, as set forth under section 5311 of title 31, United States Code.

(b)

Contents

The review required under subsection (a) shall include a study of—

(1)

whether the timeframe for filing a suspicious activity report should be increased from 30 days;

(2)

whether or not currency transaction report and suspicious activity report thresholds should be tied to inflation or otherwise periodically be adjusted;

(3)

whether the circumstances under which a financial institution determines whether to file a continuing suspicious activity report, or the processes followed by a financial institution in determining whether to file a continuing suspicious activity report (or both) can be narrowed;

(4)

analyzing the fields designated as critical on the suspicious activity report form and whether the number of fields should be reduced;

(5)

the categories, types, and characteristics of suspicious activity reports and currency transaction reports that are of the greatest value to, and that best support, investigative priorities of law enforcement and national security personnel;

(6)

the increased use of exemption provisions to reduce currency transaction reports that are of little or no value to law enforcement efforts;

(7)

the most appropriate ways to promote financial inclusion and address the adverse consequences of financial institutions de-risking entire categories of high-risk relationships, including charities, embassy accounts, money service businesses (as defined under section 1010.100(ff) of title 31, Code of Federal Regulations), and correspondent banks;

(8)

the current financial institution reporting requirements under the Bank Secrecy Act and its implementing regulations and guidance; and

(9)

such other items as the Secretary determines appropriate.

(c)

Report

Not later than the end of the one-year period beginning on the date of the enactment of this Act, the Secretary of the Treasury, in consultation with law enforcement and persons subject to Bank Secrecy Act requirements, shall issue a report to the Congress containing all findings and determinations made in carrying out the review required under subsection (a).

2.

Definitions

For purposes of this Act:

(1)

Bank Secrecy Act

The term Bank Secrecy Act means—

(A)

section 21 of the Federal Deposit Insurance Act;

(B)

chapter 2 of title I of Public Law 91–508; and

(C)

subchapter II of chapter 53 of title 31, United States Code.

(2)

Federal functional regulator

The term Federal functional regulator has the meaning given that term under section 5312 of title 31, United States Code.

(3)

Financial institution

The term financial institution has the meaning given that term under section 5312 of title 31, United States Code.