Treasury Rethinks AML Rules for Banks That Know Their Customers
Treasury may raise longstanding bank reporting thresholds and take into account how long financial institutions have known their customers, Treasury Secretary Scott Bessent told lawmakers Tuesday (Sept. 15). House Financial Services Committee Chairman French Hill, R-Ark., asked Bessent about updating thresholds for Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs), saying…
On September 15, Treasury Secretary Scott Bessent informed lawmakers that the Department of the Treasury might reconsider ant money laundering (AML) reporting thresholds for banks, taking into account the length of time that financial institutions have known their customers. House Financial Services Committee Chairman French Hill questioned Bessent about updating thresholds for Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs), which he said were outdated and overdue for revisions.
Bessent stated that the Treasury aims to address the issue by potentially raising thresholds and providing credit to institutions for the duration of their client relationships.
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