An OCC proposal that would allow exemptions for national banks and federal savings associations from OCC suspicious activity reports ("SAR") requirements was published in the Federal Register. As previously covered, under the proposal, the OCC could provide relief to national banks and federal savings associations that create innovative solutions for meeting Bank Secrecy Act requirements.
Comments on the proposed rulemaking must be submitted by February 22, 2021.
Primary Sources
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.