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Description: Answers to Frequently Asked Questions Regarding Suspicious Activity Reporting and Other AML Considerations

OCC Bulletin

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Financial Crimes Enforcement Network (FinCEN) today issued responses to frequently asked questions regarding suspicious activity reporting and other anti-money laundering (AML) considerations for financial institutions covered by suspicious activity reporting rules. The frequently asked questions were developed in response to recent Bank Secrecy Act Advisory Group recommendations.1 The answers to the frequently asked questions clarify the regulatory requirements related to suspicious activity reporting to assist covered financial institutions with their compliance obligations, while enabling financial institutions to focus resources on activities that produce the greatest value to law enforcement agencies and other government users of Bank Secrecy Act (BSA) reporting.


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