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FinCEN Rule Strengthens SAR Confidentiality Provides Guidance to Permit Sharing with Affiliates

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News release: “The Financial Crimes Enforcement Network (FinCEN) released a final rule – Confidentiality of Suspicious Activity Reports as well as an advisory, and two guidance documents, and a Notice of Availability of Guidance that together clarify and strengthen the scope of Suspicious Activity Report (SAR) confidentiality, and expand the ability of certain financial institutions to share SAR information with most affiliates.”

  • The related advisory, Maintaining the Confidentiality of SARs is intended for all Bank Secrecy Act stakeholders: federal and state regulatory agencies, law enforcement, self-regulatory organizations, and financial institutions. The advisory emphasizes the importance of confidentiality for maintaining a vigorous suspicious activity reporting regime, and intends to help focus BSA stakeholders to be vigilant in managing information sharing.
  • In addition, FinCEN produced a pair of guidance documents for depository institutions and for the securities and futures industries that interpret a provision in the SAR confidentiality rules.”
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