Regulatory Alerts2009-03-09
Added
Confidentiality of Suspicious Activity Reports
The Financial Crimes Enforcement Network proposes to revise regulations implementing the Bank Secrecy Act to clarify that the statutory prohibition against disclosing a Suspicious Activity Report (SAR) extends to any information that would reveal the existence of a SAR. The proposal establishes that the exclusive standard for government disclosure of a SAR is to fulfill official duties consistent with the purposes of the Bank Secrecy Act. It also modifies the safe harbor provision to incorporate changes made by the USA PATRIOT Act and harmonizes technical differences among rules for different financial industries. Comments on this proposed rulemaking must be received by June 8, 2009.
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