Bankowość · 18/03/2022

Exemptions to Suspicious Activity Report Requirements for National Banks and Federal Savings Associations

The Office of the Comptroller of the Currency (OCC) has issued a final rule to modify the requirements for national banks and federal savings associations to file Suspicious Activity Reports (SARs), allowing for exemptions upon request from financial institutions and harmonizing OCC authority with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury.