Regulatory Alerts2021-01-22 | 2021-00037Added · Updated
Exemptions to Suspicious Activity Report Requirements
The Federal Deposit Insurance Corporation proposes a rule to allow it to grant exemptions from Suspicious Activity Report requirements to supervised institutions. This change aims to support innovative compliance solutions by aligning FDIC regulations with FinCEN's existing authority to issue such exemptions. The proposal establishes a voluntary process for institutions to request relief, subject to safety and soundness standards and coordination with the Financial Crimes Enforcement Network.
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