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Can you summarize 12 CFR Part 21, Subpart B?
MINIMUM SECURITY DEVICES AND PROCEDURES, REPORTS OF SUSPICIOUS ACTIVITIES, AND BANK SECRECY ACT COMPLIANCE PROGRAM > Reports of Suspicious Activities
Short Summary
The provided legal document content pertains to the Code of Federal Regulations section on Reports of Suspicious Activities. This section requires national banks, as well as Federal branches and agencies of foreign banks licensed or chartered by the OCC, 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 SAR must be filed with the appropriate Federal law enforcement agencies and the Department of the Treasury. The document 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. It 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 document provides exemptions for 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?
Reports of Suspicious Activities
What are exemptions?
Exemptions are provided for reporting a robbery or burglary
What are the Penalties?
Penalties for non-compliance are specified
Jurisdiction
U.S. Federal Government