Financial Reporting Threshold Modernization Act

This bill aims to modernize the monetary thresholds for several key financial reporting obligations. It directs the Secretary of the Treasury to significantly increase the reporting threshold for currency transaction reports (CTRs) from $10,000 to $30,000, including those for nonfinancial trades or businesses, and mandates subsequent inflation adjustments every five years based on the Consumer Price Index. Additionally, the legislation requires federal agencies to update suspicious activity report (SAR) thresholds, raising the $5,000 amount to $10,000 and the $2,000 amount to $3,000. It also mandates an update to the Money Services Business (MSB) definition threshold, increasing it from $1,000 to $3,000. All initial threshold updates are to be implemented within 180 days of the bill's enactment.