CUNA Writes in Support of H.R. 6068, the Counter Terrorism and Illicit Finance Act
Friday, June 22, 2018 8:10 AM

Earlier this week, CUNA wrote to Representatives Pearce and Leutkemeyer in support of their legislation - H.R. 6068, the Counter Terrorism and Illicit Finance Act.

If enacted, H.R. 6068, 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);
  • Require a formal review of BSA reporting requirements with an eye toward reducing regulatory burdens and ensure the information collected has a “high degree of usefulness” to law enforcement;
  • Recognize the growing role of artificial intelligence in BSA compliance;
  • Empower the Treasury Department to actively coordinate AML policy and examinations; and
  • Solidify processes regarding Treasury’s Financial Crimes Enforcement Network’s No-Action Letters.

Go here to read more about this legislation.

Source:  CUNA Advocacy