OCC Issues Final Rule Addressing Authority for Exemptions to Suspicious Activity Report Requirements

News Release 2022-23 | March 16, 2022

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued a final rule amending the OCC’s suspicious activity report (SAR) regulations.

The rule clarifies the OCC’s authority to issue exemptions from the requirements of those regulations based on a request from a national bank or federal savings association, including federal branches and agencies of foreign banks. The rule provides that, for any SAR regulation exemption request, the OCC will consider criteria specified in the final rule, including consistency with the purposes of the Bank Secrecy Act and safe and sound banking. The final rule adopts, with changes in response to public comments, the proposed rule published in the Federal Register on January 22, 2021. The final rule takes effect on May 1, 2022.

For exemption requests from the OCC’s SAR regulation that also would require an exemption from the SAR requirements established by the Financial Crimes Enforcement Network (FinCEN), a national bank or federal savings association would need to seek an exemption from both the OCC and FinCEN. The OCC intends to coordinate with FinCEN on any such request.

Related Link

Media Contact

Stephanie Collins
(202) 649-6870

IR Press

Recent Posts

Treasury Sanctions Gazprombank and Takes Additional Steps to Curtail Russia’s Use of the International Financial System

Treasury imposes sanctions on dozens of Russian banks, securities registrars, and finance officials; OFAC issues…

13 hours ago

Acting Comptroller Testifies on State of the Federal Banking System

WASHINGTON—Acting Comptroller Michael J. Hsu today testified on the state of the federal banking system…

22 hours ago

Remarks by Assistant Secretary for International Finance Brent Neiman on the U.S. Cross-Border Payments Agenda

As Prepared for Delivery Thank you very much for the opportunity to be here today, and…

3 days ago

Remarks by Assistant Secretary for Investment Security Paul Rosen at the Third Annual CFIUS Conference

As Prepared for Delivery Good afternoon.  I’d like to start by thanking our panelists today for…

3 days ago

U.S. Department of the Treasury Releases Final Rules to Expand Access to Clean Energy Tax Credits

Final rules will improve access to direct pay for co-owned clean energy projects, helping to…

3 days ago