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Can you summarize 12 CFR Part 353?
REGULATIONS AND STATEMENTS OF GENERAL POLICY > SUSPICIOUS ACTIVITY REPORTS
Short Summary
The provided legal document governs the filing of Suspicious Activity Reports (SARs) by FDIC-supervised institutions. It applies to all FDIC supervised institutions. The document requires these institutions to file SARs with the appropriate federal law enforcement agencies and the Department of the Treasury in specific circumstances. These circumstances include insider abuse involving any amount, transactions aggregating $5,000 or more where a suspect can be identified, transactions aggregating $25,000 or more regardless of potential suspects, and transactions aggregating $5,000 or more that involve potential money laundering or violations of the Bank Secrecy Act. The document also specifies the time for reporting, encourages filing copies of SARs with state and local law enforcement agencies, provides exemptions for certain situations such as robbery or burglary reported to law enforcement authorities, and outlines the retention of records. Additionally, it emphasizes the confidentiality of SARs and provides a safe harbor provision for institutions making disclosures of possible violations of law or regulation. The penalties for non-compliance or violation of the document’s provisions are not specified.
Whom does it apply to?
All FDIC supervised institutions
What does it govern?
Filing of Suspicious Activity Reports (SARs) by FDIC-supervised institutions
What are exemptions?
Exemptions are provided for certain situations such as robbery or burglary reported to law enforcement authorities
What are the Penalties?
The penalties for non-compliance or violation of the document's provisions are not specified
Jurisdiction
U.S. Federal Government