ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
ADVERTISEMENT
Home Compliance and Risk

Reps. Pearce, Luetkemeyer Introduce ABA-Backed BSA Reform Bill

June 13, 2018
Reading Time: 1 min read

Reps. Steve Pearce (R-N.M.) and Blaine Luetkemeyer (R-Mo.) yesterday introduced an American Bankers Association-supported bill that would update several elements of the Bank Secrecy Act and other anti-money laundering laws and regulations. H.R. 6068 would raise the threshold for when Currency Transaction Reports must be filed from $10,000, where it was set by Congress nearly half a century ago, to $30,000, as well as increase the monetary threshold for Suspicious Activity Reports.

The bill would provide an 18-month enforcement safe harbor for financial institutions making good-faith efforts to comply with the recently effective customer due diligence rule. It would also facilitate SAR sharing with foreign bank affiliates, give the Treasury Department a more prominent role in coordinating AML policy and require studies of streamlining CTR and SAR reporting requirements and of the effectiveness of new beneficial ownership requirements.

“We believe that now is the time to update the law and help develop a system suited for both 21st-century banks and a more sophisticated criminal element,” ABA said in a letter today supporting the bill. “And it is important to take steps so that BSA/AML compliance doesn’t drive transactions and financial activity underground where it is out of the view of law enforcement.”

ADVERTISEMENT
Tags: ABA Blueprint for GrowthAnti-money launderingBank Secrecy ActReporting
ShareTweetPin

Related Posts

Freddie Mac tool to warn users about possible appraisal bias

ABA DataBank: Shelter remains elevated, keeping CPI hot

Economy
June 13, 2025

When removing shelter costs from CPI calculations, underlying inflation trends appear softer and falls below the Federal Reserve's 2% inflation target.

Survey: Banks boosting cybersecurity due to AI while also investing in technology

Survey: Banks boosting cybersecurity due to AI while also investing in technology

Cybersecurity
June 13, 2025

Most U.S. banks are increasing their cybersecurity efforts because of emerging technologies such as generative artificial intelligence, and many of those same banks also list AI as a top business investment, according to a recent survey by auditing...

Senate bill would mandate discount window testing, modernization

Proposal to end Fed interest payments to banks faces pushback

Newsbytes
June 13, 2025

Senate Banking Committee Chairman Tim Scott (R-S.C.) said a proposal to prevent the Federal Reserve from paying interest to banks “is not a decision to be rushed” and must follow proper parliamentary procedure, Bloomberg Law reported.

Research roundup: ABA holds policymakers accountable with independent analyses of key banking issues

Senate passes ABA-advocated ‘trigger leads’ bill

Mortgage
June 13, 2025

The Senate granted unanimous consent to S. 1467, an ABA-advocated bill that would would prevent credit reporting agencies from selling so-called mortgage trigger leads to lenders in most circumstances.

Producer price index increased 0.5% in April

Producer Price Index increased in May

Economy
June 13, 2025

The Producer Price Index for final demand edged up 0.1% in May, seasonally adjusted, the U.S. Bureau of Labor Statistics reported. Final demand prices declined 0.2% in April and 0.1% in March.

Old ways in a new world of banking

Old ways in a new world of banking

Community Banking
June 13, 2025

Meet American Bankers Council chair Jim Ryan, chairman and CEO of Old National Bank.

NEWSBYTES

ABA DataBank: Shelter remains elevated, keeping CPI hot

June 13, 2025

Survey: Banks boosting cybersecurity due to AI while also investing in technology

June 13, 2025

Proposal to end Fed interest payments to banks faces pushback

June 13, 2025

SPONSORED CONTENT

AI Compliance and Regulation: What Financial Institutions Need to Know

Unlocking Deposit Growth: How Financial Institutions Can Activate Data for Precision Cross-Sell

June 1, 2025
Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

April 25, 2025
Outsourcing: Getting to Go/No-Go

Outsourcing: Getting to Go/No-Go

April 5, 2025
Six Payments Trends Driving the Future of Transactions

Six Payments Trends Driving the Future of Transactions

March 15, 2025

PODCASTS

Podcast: Old National’s Jim Ryan on the things that really matter

June 12, 2025

Podcast: What bankers need to know about ‘First Amendment audits’

June 5, 2025

Podcast: Accelerating banking for quick-service restaurants

May 8, 2025
ADVERTISEMENT

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2025 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2025 American Bankers Association. All rights reserved.