News

Federal regulators want to revise the rules that govern how and when financial institutions report suspicious transactions to the U.S. Treasury Department to allow national banks and savings associations to detect and flag potentially illicit activity in other, innovative ways. The proposals would empower the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. to exempt banks from filing suspicious activity reports, or SARs, on an ad-hoc basis as required since 1996, by building on existing provisions that already spare them from flagging robberies, burglaries and other "physical" crimes. Giving the OCC and FDIC power to...