Tue Oct 21 16:40:00 UTC 2025: ## STREAMLINE Act Aims to Modernize Financial Reporting Requirements, Reduce Burden on Banks
WASHINGTON, D.C. – Senators John Kennedy (R-La.) and Tim Scott (R-S.C.) have introduced the Streamlining Transaction Reporting and Ensuring Anti-Money Laundering Improvements for a New Era (STREAMLINE) Act, a bill designed to modernize the Bank Secrecy Act (BSA) and alleviate the burden of outdated reporting requirements on financial institutions. The bill seeks to adjust reporting thresholds for currency transaction reports (CTRs) and suspicious activity reports (SARs) to account for over five decades of inflation.
According to the senators, the current BSA reporting requirements, established in the 1970s, have become overly burdensome in today’s economy, creating unnecessary paperwork for banks and potentially leading to the “debanking” of ordinary Americans. They argue that the STREAMLINE Act will reduce red tape, allowing law enforcement to focus on genuine financial crimes rather than being bogged down by excessive compliance.
“Washington’s financial reporting requirements may have made sense in the seventies, but in today’s economy, they simply weigh down our financial institutions,” said Senator Kennedy. “It’s time to bring the Bank Secrecy Act into the 21st century and use a little common sense.”
Senator Scott echoed this sentiment, stating, “By increasing the reporting thresholds for currency transaction reports and suspicious activity reports, we are bringing much needed modernization to a law that should root out financial crimes, not get in the way of everyday Americans.”
The bill has garnered strong bipartisan support, with Senators Cynthia Lummis (R-Wyo.), Katie Britt (R-Ala.), Mike Crapo (R-Idaho), Bill Hagerty (R-Tenn.), Bernie Moreno (R-Ohio), Mike Rounds (R-S.D.) and Pete Ricketts (R-Neb.) cosponsoring the legislation. Supporters emphasize that the STREAMLINE Act will enable banks and credit unions to focus on serving their customers and communities more effectively, especially small businesses.
“The STREAMLINE Act delivers long overdue modernization, helping to ensure the Bank Secrecy Act targets true financial crime instead of generating excessive paperwork,” said Senator Crapo.
Industry groups, including the Independent Community Bankers Association, American Bankers Association, and America’s Credit Unions, have also voiced their support for the bill, underscoring the need for updated financial reporting regulations. The full text of the STREAMLINE Act is now publicly available, signaling a potential shift in the landscape of financial compliance and regulatory oversight.
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