1. Short title This Act may be cited as the Counter Terrorism and Illicit Finance Act . 2. Updating thresholds for certain currency transaction reports and suspicious activity reports (a) Thresholds for certain currency transaction reports (1) In general Not later than the end of the 180-day period beginning on the date of the enactment of this Act, the Secretary of the Treasury shall revise regulations issued with respect to section 5313 of title 31, United States Code, to update each $10,000 threshold amount in such regulations to $30,000. (2) Threshold for reports relating to coins and currency received in nonfinancial trade or business Section 5331 of title 31, United States Code, is amended by striking $10,000 each place such term appears in heading or text and inserting $30,000 . (b) Thresholds for suspicious activity reports Not later than the end of the 180-day period beginning on the date of the enactment of this Act, each Federal department or agency that issues regulations with respect to reports on suspicious transactions described under section 5318(g) of title 31, United States Code, shall update each $5,000 threshold amount in such regulations to $10,000 and each $2,000 threshold amount in such regulation to $3,000. (c) Updating the money services business definition thresholds Not later than the end of the 180-day period beginning on the date of the enactment of this Act, the Secretary of the Treasury shall revise section 1010.100(ff) of title 31, Code of Federal Regulations, to update each $1,000 threshold amount in such regulations to $3,000. 3. Streamlining requirements for currency transaction reports and suspicious activity reports (a) Review The Secretary of the Treasury (in consultation with Federal law enforcement agencies, the Director of National Intelligence, and the Federal functional regulators and in consultation with other relevant stakeholders) shall undertake a formal review of the current financial institution reporting requirements under the Bank Secrecy Act and its