Regulatory Alerts2021-01-22 | 2021-00033Membership of State Banking Institutions in the Federal Reserve System; Reports of Suspicious Activities Under Bank Secrecy Act
The Board of Governors of the Federal Reserve System proposes to amend its Suspicious Activity Report regulations to allow for the issuance of exemptions from SAR filing requirements for state member banks, Edge and agreement corporations, and bank holding companies. The proposed rule establishes a process for these supervised institutions to request written exemptions from the OCC or Board, which may be granted conditionally or unconditionally for specified periods. These exemptions are intended to facilitate more efficient and innovative compliance with Bank Secrecy Act obligations, though parallel approval from FinCEN remains necessary if the exemption also covers FinCEN's SAR regulations.
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