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Can you summarize 12 CFR 163.180?
Reporting and Bonding > Suspicious Activity Reports and other reports and statements.
Short Summary
This document governs the filing of Suspicious Activity Reports (SARs) and other reports and statements by savings associations, service corporations, directors, officers, employees, agents, and other institution-affiliated parties. It requires the filing of SARs when a known or suspected violation of Federal law or a suspicious transaction related to money laundering or a violation of the Bank Secrecy Act is detected. The document provides definitions for key terms and specifies the circumstances under which SARs are required to be filed. It also outlines the timeframes for reporting, the retention of records, and the confidentiality of SARs. The document encourages the sharing of SARs with state and local law enforcement agencies and provides exceptions for reporting robbery or burglary. It emphasizes the importance of notifying the board of directors and provides provisions for obtaining SARs, confidentiality, and liability protection. Exemptions from the requirements may be granted by the OCC upon request. Non-compliance with the regulations may result in supervisory action.
Whom does it apply to?
Savings associations, service corporations, directors, officers, employees, agents, and other institution-affiliated parties
What does it govern?
Suspicious Activity Reports (SARs) and other reports and statements
What are exemptions?
Exemptions may be granted by the Office of the Comptroller of the Currency (OCC) upon request, considering factors such as consistency with the purposes of the Bank Secrecy Act and safe and sound banking
What are the Penalties?
Failure to file a SAR in accordance with the regulations may subject the savings association or service corporation, its directors, officers, employees, agents, or other institution-affiliated parties to supervisory action
Jurisdiction
U.S. Federal Government