The proposed rule would exempt national banks from certain SAR requirements provided they’ve developed “innovative solutions intended to meet Bank Secrecy Act requirements more efficiently and effectively,” according to a press release.

Each of the four bank and credit union regulators — the OCC, Federal Deposit Insurance Corp., Federal Reserve, and National Credit Union Administration — have their own regulations involving anti-money-laundering reporting. The Financial Crimes Enforcement Network uses those reports to work with law enforcement to identify illicit activity within the financial system.

For a bank to be fully exempted from the reporting obligations, it would also need to also need to receive an exemption from Fincen, according to the OCC proposal.