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. 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 the thresholds were decades old and that a Treasury report to Congress on updating them was five yea