Confidentiality of Suspicious Activity Reports

2 organizations filed 2 public comments on Confidentiality of Suspicious Activity Reports, at the Department of the Treasury.

Abstract

The Financial Crimes Enforcement Network (“FinCEN”), a bureau of the Department of the Treasury (“Treasury”), is proposing to revise the regulations implementing the Bank Secrecy Act (“BSA”) regarding the confidentiality of a report of suspicious activity (“SAR”) to: clarify the scope of the statutory prohibition against the disclosure by a financial institution of a SAR; address the statutory prohibition against the disclosure by the government of a SAR; clarify that the exclusive standard applicable to the disclosure of a SAR by the government is to fulfill official duties consistent with the purposes of the BSA; modify the safe harbor provision to include changes made by the Uniting and Strengthening America by Providing the Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (“USA PATRIOT Act”); and make minor technical revisions for consistency and harmonization among the different rules. These amendments are consistent with similar proposals to be issued by some of the Federal bank regulatory agencies

Commenters (2)

• American Bankers Associationtrade assoc.

  1 filing · confidence 97%
• Credit Union National Associationtrade assoc.

  1 filing · confidence 97%