Financial Reporting Threshold Modernization Act

This Act may be cited as the Financial Reporting Threshold Modernization Act.
The Secretary of the Treasury shall—
not later than the end of the 180-day period beginning on the date of the enactment of this Act, revise regulations issued with respect to sections 5313 and 5315 of title 31, United States Code, to update each $10,000 threshold amount in such regulations to $30,000; and
every 5 years, update each such threshold amount to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor, which shall be rounded to the nearest $500.
Section 5331 of title 31, United States Code, is amended—
by striking $10,000 each place such term appears in heading or text and inserting $30,000; and
by adding at the end the following:
Every 5 years, the Secretary of the Treasury shall update each dollar figure under this section to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor, which shall be rounded to the nearest $500.
Each Federal department or agency that issues regulations with respect to reports on suspicious transactions described under section 5318(g) of title 31, United States Code, shall—
not later than the end of the 180-day period beginning on the date of the enactment of this Act, update each $5,000 threshold amount in such regulations to $10,000 and each $2,000 threshold amount in such regulation to $3,000; and
every 5 years, update each such threshold amount to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor, which shall be rounded to the nearest $500.
The Secretary of the Treasury shall—
not later than the end of the 180-day period beginning on the date of the enactment of this Act, revise section 1010.100(ff) of title 31, Code of Federal Regulations, to update each $1,000 threshold amount in such regulations to $3,000; and
every 5 years, update each such threshold amount to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor, which shall be rounded to the nearest $500.
Not later than 360 days after the date of enactment of this Act, the Secretary of the Treasury shall, in consultation with private sector stakeholders and law enforcement—
review the forms and reporting and recordkeeping requirements issued pursuant to sections 5313, 5315, and 5318 of title 31, United States Code, which shall include an analysis on the aggregation, prioritization, and automation of those forms and requirements, to ensure that such forms and reporting requirements are effective and efficient in identifying illicit finance activity;
update the forms and requirements described in paragraph (1) as the Secretary of the Treasury determines necessary and consistent with section 5318(g)(5) of title 31, United States Code;
conduct the reviews and submit the reports required under sections 6204, 6205, and 6216 of the Anti-Money Laundering Act of 2020 (division F of the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021; 134 Stat. 4569; 31 U.S.C. 5313 note, 31 U.S.C. 5311 note); and
submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report that—
summarizes the results of the review conducted under paragraph (1); and
includes recommendations for updating the forms and requirements described in paragraph (1).
Section 5336(c)(11)(A) of title 31, United States Code, is amended by striking 5 years and inserting 10 years.