Executive Letter: Join the Industry Effort to Modernize BSA/AML Thresholds by Friday, October 31
By Rose Oswald Poels
WBA is joining our peers across New England and beyond in calling for long-overdue updates to the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regulations. We invite your institution to add its name to a joint letter to Treasury Secretary Bessent urging that the thresholds for Currency Transaction Reports (CTR) and Suspicious Activity Reports (SAR) be raised to $50,000.
These thresholds have not been adjusted in decades. Raising them will allow law enforcement to focus resources on the most significant criminal activity while reducing unnecessary reporting burdens on banks.
We discussed this important issue on our regulatory trip to Washington, D.C. last week with policymakers. Several other states — including New Hampshire, Connecticut, Rhode Island, Vermont, and Massachusetts — are already circulating this letter as part of a growing regional and national effort.
The attached letter outlines the request in full and will be sent to Treasury Secretary Bessent with the names of participating banks included as signatories. There is no need to draft a separate response — simply review the letter, and if your institution does not wish to be listed, please contact wbalegal@wisbank.com by the end of the day Friday, October 31 to opt out.
Modernizing these reporting thresholds represents a pivotal opportunity to enhance efficiency and reduce operational strain on community banks. Please contact wbalegal@wisbank.com with any questions. Thank you for taking part in advocacy that strengthens our industry.
