Summary of FDIC, FRB, and OCC Notices of Proposed Rulemaking on SAR exemptions
Updated 05/03/2021
This tool summarizes the NPRMs by the FDIC, FRB and OCC on SAR exemptions. Both FinCEN and the bank regulators publish SAR regulations, and although FinCEN can grant exemptions to the SAR regulations, the bank regulators cannot. These NPRMs propose to give the bank regulators the authority to grant exemptions from the SAR regulations on a case-by-case basis. This is just a NPRM, so there is not a framework included or a procedure for how to make such requests, but these notices provide proposed changes to the regulations to give the regulators authority to grant exemptions from the SAR regulations to banks who request exemptions consistent with the goals of the Bank Secrecy Act.
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