OCC announces additional actions to support community banks and reduce regulatory burden

The OCC clarified examination procedures applicable to community banks and reduced community bank data collection requirements. Specifically, the OCC announced it is issuing supplementary guidance that tailors the agency’s application of the BSA/AML examination procedures for all community banks based on these banks’ generally low levels of money laundering and terrorist financing risk. This approach allows the OCC to consider a community bank’s risk profile rather than rely on minimum examination procedures that are unduly burdensome for banks and examiners and provide limited benefit. The OCC also announced that it is discontinuing its Money Laundering Risk (MLR) system data collection.

Read more