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Can you summarize 12 CFR 21.11?
Reports of Suspicious Activities > Suspicious Activity Report.
Short Summary
This section of the Code of Federal Regulations requires national banks to file a Suspicious Activity Report (SAR) when they detect a known or suspected violation of Federal law or a suspicious transaction related to money laundering or a violation of the Bank Secrecy Act. The section applies to national banks, as well as Federal branches and agencies of foreign banks licensed or chartered by the OCC. The SAR must be filed with the appropriate Federal law enforcement agencies and the Department of the Treasury. The section outlines the circumstances in which a SAR is required, including insider abuse, violations aggregating $5,000 or more, and transactions aggregating $5,000 or more that involve potential money laundering or violate the Bank Secrecy Act. The section also specifies the time for reporting, retention of records, notification to the board of directors, confidentiality of SARs, and limitations on liability. National banks are encouraged to file a copy of the SAR with state and local law enforcement agencies. The section also provides exemptions for certain situations, such as reporting a robbery or burglary, and specifies the penalties for non-compliance.
Whom does it apply to?
National banks, Federal branches and agencies of foreign banks licensed or chartered by the OCC
What does it govern?
Suspicious Activity Report
What are exemptions?
Exemptions include reporting a robbery or burglary to appropriate law enforcement authorities, and filing a report for lost, missing, counterfeit, or stolen securities if a report is filed pursuant to the reporting requirements of 17 CFR 240.17f1.
What are the Penalties?
Failure to file a SAR in accordance with this section and the instructions may subject the national bank, its directors, officers, employees, agents, or other institution-affiliated parties to supervisory action.
Jurisdiction
U.S. Federal Government