Senators Introduce STREAMLINE Act to Modernize Bank Secrecy Act Reporting

WASHINGTON, D.C. – Senators John Kennedy (R-La.) and Tim Scott (R-S.C.) unveiled the STREAMLINE Act on October 21, 2025, aiming to reform reporting requirements for the Bank Secrecy Act (BSA). This new legislation seeks to modernize the outdated thresholds for currency transaction reports (CTRs) and suspicious activity reports (SARs) that have remained unchanged since the law’s inception in 1970.

The STREAMLINE Act proposes raising the CTR threshold from $10,000 to $30,000 and the SAR thresholds from $2,000 to $3,000 and from $5,000 to $10,000. This adjustment would aim to alleviate unnecessary paperwork burdens on financial institutions, enabling them to better focus on legitimate concerns without compromising security efforts.

“Washington’s financial reporting requirements may have made sense in the seventies, but in today’s economy, they simply weigh down our financial institutions,” Senator Kennedy stated. “My STREAMLINE Act cuts red tape and modernizes these requirements so that law enforcement can focus on real criminals—not debanking hardworking Americans.”

Scott, the Senate Banking Committee chairman, echoed Kennedy’s sentiments, saying, “For decades, banks and credit unions have been burdened by outdated requirements. The STREAMLINE Act modernizes reporting to reflect today’s economy and allows for better service to consumers.”

Other senators, including Cynthia Lummis (R-Wyo.) and Mike Crapo (R-Idaho), have voiced their support for the bill. Lummis remarked that small businesses and everyday Americans suffer when financial institutions are bogged down by red tape. “The STREAMLINE Act is essential for enabling efficient, modern financial services that meet 21st-century needs,” she said.

Financial institutions have long struggled with excessive reporting requirements that hinder their ability to efficiently serve communities. The Independent Community Bankers Association, American Bankers Association, and America’s Credit Unions support the proposed legislation.

The bill includes provisions for the Treasury Department to reassess and adjust these reporting thresholds every five years to keep pace with inflation. The overall goal is to ensure that the Bank Secrecy Act efficiently targets financial crimes while minimizing the regulatory burden on American banks.