Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
FinCEN to allow some SAR shared information
VIENNA, Va. (3/4/09)—Under a plan unveiled by the Financial Crimes Enforcement Network (FinCEN) Tuesday, depository institutions would be allowed to share suspicious activity information with certain affiliates. FinCen’s proposed changes to its Suspicious Activity Report (SAR) rules are intended to:
* Clarify the scope of a statutory prohibition against the disclosure by a financial institution of a SAR; * Address a statutory prohibition against the disclosure by the government of a SAR; * Clarify that the exclusive standard applicable to the disclosure of a SAR is “to fulfill official duties consistent with Title II of the (Bank Secrecy Act) BSA”; * Modify the safe harbor provision to include changes made by the USA PATRIOT Act; and * Where possible, coordinate minor technical differences that exist between confidentiality, safe harbor, and compliance provisions of FinCEN rulemaking for different industries.
FinCEN said in its proposal document that it expects some of the federal financial institutions regulators to issues contemporaneous rules. It noted that the Office of the Comptroller of the Currency and Office of Thrift Supervision had such plans. FinCEN also said it is simultaneously issuing for notice and comment proposed guidance regarding the sharing of SARs with affiliates. It noted its proposed guidance interprets one of the provisions of its notice of proposed rulemaking and, accordingly, should be read in conjunction with this notice.
Other Resources

RSS print
News Now LiveWire
Economic activity slowed in June, according to the #Chicago Fed's national activity index, released today #Market http://t.co/1pN6peM8my
12 hours ago
Money burns a hole in workers' pockets after payday, despite best intentions via @WSJeconomy http://t.co/A9SNiUdf9v
12 hours ago
"SAR Stats," new from #FinCEN, focuses on #bitcoin. See #NewsNow http://t.co/vS7iTwY2SW
13 hours ago
.@CFPB now accepts consumer complaints on prepaid cards, debt settlement services, credit repair services, and pawn and title loans.
14 hours ago
.@WellsFargo to process transactions in order received, not high to low http://t.co/g0jWJoegoJ
14 hours ago