Regulatory Alerts2021-01-19
Answers to Frequently Asked Questions Regarding Suspicious Activity Reporting and Other Anti-Money Laundering Considerations
FinCEN and federal banking agencies issued guidance clarifying regulatory requirements for Suspicious Activity Reports (SARs) to assist financial institutions in meeting compliance obligations. The document specifies that institutions are not required to file SARs solely based on negative news, grand jury subpoenas, or multiple media alerts, nor must they terminate customer relationships after filing. It further clarifies that institutions may maintain accounts at law enforcement request, should not duplicate data in narratives, and may use CSV attachments to handle character limits.
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