Comment Deadline Set for OCC Proposal to Allow Exemptions from SAR Requirements
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.
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The OCC proposed a rule that would allow the agency to exempt national banks and federal saving associations from the OCC's suspicious activity reporting requirements.
