FOR IMMEDIATE RELEASE
June 28, 1995
Contact: Public Affairs
Bank Criminal Referral Reporting Simplified
The Office of the Comptroller of the Currency (OCC) today sent a proposed rule to the Federal Register that would reduce unnecessary regulatory burden on national banks by simplifying the process for reporting suspected crimes and suspicious financial transactions by national banks. The proposal was developed as part of an interagency effort to consolidate reporting requirements. The same proposal will be issued by the Board of Governors of the Federal Reserve System, the Office of Thrift Supervision and the Federal Deposit Insurance Corporation.
Today's proposal to revise part 21 of the OCC regulations:
The new process will also simplify the task of filing reports. The SAR requires less information than its predecessor forms and can be completed manually or by using software provided by the supervisory agencies. Financial institutions will also have the option of filing SARs on various forms of magnetic media instead of on paper.
Each SAR will be entered into a newly created computer database. The database will enhance law enforcement and supervisory agencies' ability to track, investigate, and prosecute suspected violations of federal criminal laws.
Public comments on the proposed rule are due on September 1, 1995.
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