The OCC proposed a rule that would allow the agency to exempt national banks and federal saving associations from the OCC's suspicious activity reporting ("SAR") requirements.
The OCC stated that the exemptive authority under this proposal is necessary as financial technology for the monitoring and reporting of financial crime continues to evolve. The proposed rule would permit the OCC to issue exemptions from OCC Rules 21.11 ("Suspicious Activity Report") and 163.180 ("Suspicious Activity Reports and other reports and statements"). Under the proposed rule, the OCC would be able to provide relief to national banks and federal savings associations that create innovative solutions for meeting Bank Secrecy Act requirements.
Comments on the proposal must be submitted within 30 days of its publication in the Federal Register.
Commentary Christian Larson
National banks and federal savings associations are subject to overlapping FinCEN and OCC rules that are similar but not identical. FinCEN already has broad authority to exempt financial institutions from Bank Secrecy Act requirements; this proposed rule would permit the OCC to do the same, albeit only with regard to the OCC's SAR-filing requirements.
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