Search Results for keywords:"innovative compliance solutions"

Found 2 results

Search Results: keywords:"innovative compliance solutions"

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  • 2021-00037 — Exemptions to Suspicious Activity Report Requirements
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    Type:Proposed Rule
    Citation:86 FR 6580
    Reading Time:about 29 minutes

    The Federal Deposit Insurance Corporation (FDIC) is proposing a new rule allowing it to exempt certain supervised institutions from filing Suspicious Activity Reports (SARs). This proposed rule aims to give these institutions the flexibility to develop innovative solutions for meeting Bank Secrecy Act (BSA) requirements more efficiently. If enacted, the rule would align the FDIC more closely with the Financial Crimes Enforcement Network (FinCEN), reducing regulatory burdens for institutions using advanced technologies. The rule outlines procedures for exemption and invites public comments until February 22, 2021.

    Simple Explanation

    The FDIC might let some banks skip a special report called a Suspicious Activity Report if they have cool new ways to keep safe money rules while saving time and effort, but there are concerns it might be too tricky or unfair for smaller banks.

  • 2021-00048 — Bank Secrecy Act
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    Type:Proposed Rule
    Citation:86 FR 6586
    Reading Time:about 17 minutes

    The National Credit Union Administration (NCUA) Board is proposing a rule change that would allow federally insured credit unions to request exemptions from certain requirements for filing Suspicious Activity Reports (SARs). This rule is aimed at providing relief to credit unions that develop innovative ways to comply with the Bank Secrecy Act while ensuring safe and sound practices. The proposal includes a 30-day comment period for public feedback and outlines that exemptions may be granted conditionally or unconditionally after consulting with relevant agencies. This change aims to support financial institutions in using new technologies and approaches for monitoring and reporting financial crimes.

    Simple Explanation

    The National Credit Union Administration is thinking about letting some credit unions skip certain special reports if they come up with new, safe ways to follow the rules about keeping banks honest. They're asking people to tell them what they think about this idea for a short time.