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WASHINGTON—The Office of the Comptroller of the Currency (OCC) today invited comment on a notice of proposed rulemaking to modify the requirements for national banks and federal savings associations to file suspicious activity reports (SARs).

The proposed rule would amend the agency’s SAR regulations to allow the OCC to issue exemptions from the requirements of those regulations. The proposed rule would make it possible for the OCC to grant relief to national banks or federal savings associations that develop innovative solutions intended to meet Bank Secrecy Act requirements more efficiently and effectively.

For exemption requests from the OCC’s SAR regulation that would also require an exemption from FinCEN’s SAR regulation, a national bank and federal savings association would need to seek an exemption from both the OCC and FinCEN.

Comments will be accepted for 30 days following publication in the Federal Register.