U.S. Senators introduce the ‘Streamline Act’ to modernise the BSA, proposing to raise CTR thresholds from $10K to $30K and adjusting STR thresholds from $2K–$5K to $3K–$10K

The bill, marking the first major change since 1970, also proposes reviewing reporting forms to reduce redundancy and improve automation. Supporters, including major banking groups, argue the reforms will cut unnecessary paperwork, allow banks to focus on meaningful anti-money laundering efforts, provide law enforcement with more targeted data, and enhance consumer privacy…