Financial Reporting Threshold Modernization Act

This bill raises the dollar amounts at which banks and other financial institutions are required to file certain reports about currency transactions and suspicious activity with the government. It also raises the dollar amount at which a business must register as a money services business. These threshold amounts would be updated every five years to keep up with inflation. The bill also requires the Treasury Department to review and update the forms used for reporting on currency transactions and anti-money laundering efforts, and it extends through 2031 a requirement that the head of the Financial Crimes Enforcement Network testify before Congress each year on certain issues.

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