,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #ajci  ,,in ,,the ,,house ,,of  
,,representatives  ,february #g1        
#bjai,mr4 ,riggleman introduced the     
following bill2 which was referred to   
the ,committee on ,financial ,services  
,a ,,bill  ,to streamline requirements  
for currency transaction reports and    
suspicious activity reports1 and for    
other purposes4  #a4 ,streamlining      
requirements for currency transaction   
reports and suspicious activity reports 
7a7 ,review ,the ,secretary of the      
,treasury 7in consultation with ,federal
 law enforcement agencies1 the ,director
 of ,national ,intelligence1 and the    
,federal functional regulators and in   
consultation with other relevant        
stakeholders7 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    
burdens1 and ensure that the information

 provided is of a high degree of        
usefulness to law enforcement1 as set   
forth under section #ecaa of title #ca1 
,united ,states ,code4  7b7 ,contents   
,the review required under subsection   
7a7 shall include a study of-- 7#a7     
whether the timeframe for filing a      
suspicious activity report should be    
increased from #cj days2  7#b7 whether  
or not currency transaction report and  
suspicious activity report thresholds   
should be tied to inflation or otherwise
 periodically be adjusted2  7#c7 whether
 the circumstances under which a        
financial institution determines whether
 to file a continuing suspicious        
activity report1 or the processes       
followed by a financial institution in  
determining whether to file a continuing
 suspicious activity report 7or both7   
can be narrowed2  7#d7 analyzing the    
fields designated as critical on the    
suspicious activity report form and     
whether the number of fields should be  
reduced2  7#e7 the categories1 types1   

and characteristics of suspicious       
activity reports and currency           
transaction reports that are of the     
greatest value to1 and that best        
support1 investigative priorities of law
 enforcement and national security      
personnel2  7#f7 the increased use of   
exemption provisions to reduce currency 
transaction reports that are of little  
or no value to law enforcement efforts2 
7#g7 the most appropriate ways to       
promote financial inclusion and address 
the adverse consequences of financial   
institutions de-risking entire          
categories of high-risk relationships1  
including charities1 embassy accounts1  
money service businesses 7as defined    
under section #ajaj4ajj7;ff7 of title   
#ca1 ,code of ,federal ,regulations71   
and correspondent banks2  7#h7 the      
current financial institution reporting 
requirements under the ,bank ,secrecy   
,act and its implementing regulations   
and guidance2 and  7#i7 such other items
 as the ,secretary determines           

appropriate4  7c7 ,report ,not later    
than the end of the one-year period     
beginning on the date of the enactment  
of this ,act1 the ,secretary of the     
,treasury1 in consultation with law     
enforcement and persons subject to ,bank
 ,secrecy ,act requirements1 shall issue
 a report to the ,congress containing   
all findings and determinations made in 
carrying out the review required under  
subsection 7a74  #b4 ,definitions ,for  
purposes of this ,act3 7#a7 ,bank       
,secrecy ,act ,the term ,bank ,secrecy  
,act means--  7,a7 section #ba of the   
,federal ,deposit ,insurance ,act2  7,b7
 chapter #b of title ,i of ,public ,law 
#ia-ejh2 and  7,c7 subchapter ,,ii of   
chapter #ec of title #ca1 ,united       
,states ,code4  7#b7 ,federal functional
 regulator ,the term ,federal functional
 regulator has the meaning given that   
term under section #ecab of title #ca1  
,united ,states ,code4  7#c7 ,financial 
institution ,the term financial         
institution has the meaning given that  

term under section #ecab of title #ca1  
,united ,states ,code4