Republican Senators Answer Trump’s Call to Modernize Banking System

Republican Senators Answer Trump’s Call to Modernize Banking System

Modernizing the banking system has been a priority of the Trump Administration. In March 2025, President Trump signed an executive order mandating all federal disbursements and receipts to be electronic, accelerating the shift towards a fully digital payment system. On August 7, President Trump signed the “Fair Banking” executive order to ensure “federal regulators do not promote policies and practices that allow financial institutions to deny o…

STREAMLINE Act Targets Outdated Financial Reporting Laws

A bipartisan group of US lawmakers, led by Senator Tim Scott of South Carolina, has introduced a bill to update parts of the Bank Secrecy Act (BSA).

Congress moves to revamp Bank Secrecy Act’s reporting thresholds after 50 years - WorldNL Magazine

A group of US senators led by Senate Banking Committee Chair Tim Scott (R-S.C.) has introduced legislation to modernize the Bank Secrecy Act, the foundation of the country’s Anti-Money Laundering (AML) framework. The Bank Secrecy Act, passed in 1970, obliges banks, credit unions, and other financial institutions to help federal authorities detect and prevent financial crimes, including money laundering, terrorist financing, and related illicit a…

Congress moves to revamp Bank Secrecy Act’s reporting thresholds after 50 years

The STREAMLINE Act would update anti–money laundering rules by lifting decades-old thresholds for transaction reporting, cutting red tape for banks and crypto companies.