Proposed Rulemaking to Permit Additional Exemptions to Suspicious Activity Report Requirements
Summary:
On December 15, 2020, the 多宝游戏下载 Board of Directors authorized publication of a notice of proposed rulemaking that would amend the 多宝游戏下载鈥檚 Suspicious Activity Report (SAR) regulation to permit the 多宝游戏下载 to issue additional, case-by-case exemptions from SAR filing requirements to 多宝游戏下载-supervised institutions. The 多宝游戏下载 expects that the amendments to the SAR regulation will reduce regulatory burden on financial institutions and encourage technological innovation in the banking sector. Comments on the proposed rule will be accepted for 30 days after publication in the Federal Register .
Statement of Applicability to Institutions Under $1 Billion in Total Assets: This Financial Institution Letter applies to all 多宝游戏下载-supervised banks and savings associations, including community banks.
Highlights:
- The 多宝游戏下载鈥檚 current SAR regulation allows exemptions from SAR filing requirements for physical crimes (robberies and burglaries) and lost, missing, counterfeit, or stolen securities.
- The proposed rule would amend the SAR regulation to permit the 多宝游戏下载 to issue additional, case-by-case exemptions from SAR filing requirements to 多宝游戏下载-supervised institutions.
- The proposed amendments would allow the 多宝游戏下载, in conjunction with the Financial Crimes Enforcement Network, to grant exemptions to 多宝游戏下载-supervised institutions that develop innovative solutions to otherwise meet Bank Secrecy Act requirements more efficiently and effectively.
- The 多宝游戏下载 is proposing this rule as a proactive measure to address the likelihood that 多宝游戏下载-supervised institutions will leverage existing or future technologies to report, share, or disclose suspicious activity in a different manner.
- The 多宝游戏下载 expects the amendments to the SAR regulation will reduce regulatory burden on financial institutions and encourage technological innovation in the banking sector.
- Comments on the proposed rule will be accepted for 30 days after publication in the Federal Register .
Suggested Distribution:
多宝游戏下载-Supervised Institutions
Suggested Routing:
Chief Executive Officer
BSA Compliance Office
Additional Related Topics:
- Anti-Money Laundering
- Countering the Financing of Terrorism