The Office of the Comptroller of the Currency (OCC) is requesting public comments on renewing their information collection related to security devices, suspicious activity reports, and compliance with the Bank Secrecy Act. This initiative is part of their ongoing efforts to reduce paperwork and respondent burden under the Paperwork Reduction Act of 1995. The public has until May 29, 2025, to submit their comments by various methods, including email and postal mail. The OCC aims to ensure that businesses comply with security procedures and suspicious transaction reporting, which helps in preventing and detecting financial crimes.
Simple Explanation
The government wants people to share their thoughts on how banks keep things secure and report any strange activities to stop bad guys from doing bad things with money. They want to make sure this doesn't cause too much extra work for people, so they are asking for ideas on making it easier by the end of May 2025.