31 CFR 1010.970 - Exceptions, exemptions, and reports
| Cite as | 31 CFR 1010.970 |
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13 practice notes
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Exemptions to Suspicious Activity Report Requirements
...Insurance Corporation); 12 CFR 748.1 (National Credit Union Administration). 9See 31 U.S.C. 5318(a)(7), with implementing regulations at 31 CFR 1010.970. 1031 CFR 1010.970(a). would amend those sections to allow the OCC to issue exemptions from the regulations’ SAR requirements. II. Backgro......
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Membership of State Banking Institutions in the Federal Reserve System; Reports of Suspicious Activities Under Bank Secrecy Act
...106 Stat. 3672 (1992). 431 U.S.C. 5318(g)(1). 561 FR 4326 (Feb. 5, 1996). 661 FR 4338 (Feb. 5, 1996). 7See 31 U.S.C. 5318(a)(7). 831 CFR 1010.970(a). institutions in meeting Bank Secrecy Act requirements more efficiently and effectively, including through development of innovative solutions......
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Exemptions to Suspicious Activity Report Requirements
...\14\ See 31 U.S.C. 5318(a)(7) with implementing regulations at 31 CFR 1010.970. \15\ 31 CFR \16\ Treasury Order 180-01 (Jan. 14, 2020). --------------------------------------------------------------------------- The OCC's authority to issue SAR exemptions derives from its authority to requi......
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Conditional Exception to Bank Secrecy Act Regulations Relating to the Burma Section 311 Final Rule
...--------------------------------------------------------------------------- FinCEN has the authority, under 31 U.S.C. 5318(a)(7) and 31 CFR 1010.970, to make exceptions to the requirements of 31 CFR Chapter X. Such exceptions may be conditional or unconditional, may apply to particular pers......
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8 firm's commentaries
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FinCEN Requests Public Comments on Potential No-Action Letter Process
...Id. at 5. [6] Id. (“Such a process would therefore appear to be unprecedented.”). [7] 31 C.F.R § 1010.715. [8] 31 U.S.C. § 5318(a)(7); 31 C.F.R § 1010.970. [9] Cf., e.g., 17 C.F.R § 140.99; 17 C.F.R § 200.81(a); Policy on No-Action Letters, 84 Fed. Reg. 48229 (Sept. 13, 2019) (to be codifie......
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FinCEN Round-Up: Real Estate GTOs, Exceptive Relief for On-Line Gaming for Non-Documentary Customer Verification, and the FATF Grey and Black Lists
...On-Line Casinos On October 19, FinCEN granted limited exceptive relief under the authority set forth in 31 U.S.C. § 5318(a)(7) and 31 C.F.R. § 1010.970(a) to casinos from certain customer identity verification requirements in the context of online gaming. Specifically, FinCEN provided that ......
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FinCEN Director’s Remarks Highlight AML Regulatory Reform Efforts
...appropriate, FinCEN has expressed its willingness to consider requests for exceptions to certain regulatory requirements pursuant to 31 C.F.R. § 1010.970 in order to facilitate testing and potential new technologies. Director Blanco highlighted FinCEN’s commitment to engage in outreach acti......
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Federal Banking Regulators Issue Interagency Statement Encouraging Innovative Approaches to BSA/AML Compliance
...by the Agencies to automatically assume that existing processes are deficient. FinCEN will consider requests for exceptive relief under 31 CFR 1010.970 to facilitate the testing of new innovations, provided overall BSA/AML compliance is The Agencies are also launching or working to establis......
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