Search Results for keywords:"Suspicious Activity Reports"

Found 4 results

Search Results: keywords:"Suspicious Activity Reports"

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  • 2021-00033 — Membership of State Banking Institutions in the Federal Reserve System; Reports of Suspicious Activities Under Bank Secrecy Act
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    Type:Proposed Rule
    Citation:86 FR 6576
    Reading Time:about 21 minutes

    The Board of Governors of the Federal Reserve System has proposed a rule to change how Suspicious Activity Reports (SARs) are filed by certain financial institutions, like state member banks and bank holding companies. The rule aims to allow for exemptions from these requirements to help banks more effectively meet Bank Secrecy Act requirements, potentially leading to innovative ways to tackle financial crime. The Board will coordinate with FinCEN on exemption requests and is seeking public comments on the proposal until February 22, 2021. The proposal emphasizes that these exemptions won't relieve institutions from complying with FinCEN’s SAR regulations.

    Simple Explanation

    The Board that helps manage banks wants to change the rules so banks can try new and better ways to catch suspicious transactions, but they have to follow special guidelines and rules from another group too. They are asking people to share their thoughts by a certain date to help make these rules better.

  • 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.

  • 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.

  • 2021-00034 — Exemptions to Suspicious Activity Report Requirements
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    Type:Proposed Rule
    Citation:86 FR 6572
    Reading Time:about 25 minutes

    The Office of the Comptroller of the Currency (OCC) is proposing a new rule that would allow exemptions from certain requirements tied to Suspicious Activity Reports (SARs), which banks and savings associations must file. This rule aims to give national banks and federal savings associations some flexibility if they come up with new, more efficient ways to comply with anti-money laundering laws, while still being reviewed for safety and soundness. The proposal includes guidelines on how banks can apply for these exemptions and factors that will be considered in granting them, like consistency with the Bank Secrecy Act and any supervisory concerns. The OCC is inviting public comments on this proposed rule until February 22, 2021.

    Simple Explanation

    The OCC wants to change the rules so they can let banks skip some paperwork if they come up with new, smart ways to follow money rules, and they are asking people what they think about this idea.