Regulatory Alerts2010-11-23
Added
Confidentiality of Suspicious Activity Reports
FinCEN amends Bank Secrecy Act regulations to clarify that Suspicious Activity Reports (SARs) and any information revealing their existence are confidential and shall not be disclosed except as authorized. Savings associations and service corporations, along with their directors, officers, employees, and agents, are prohibited from disclosing SARs or responding to subpoenas requesting such information, and must notify the Office of Thrift Supervision and FinCEN of any such requests. The Office of Thrift Supervision is similarly prohibited from disclosing SARs except to fulfill official duties consistent with the Bank Secrecy Act, excluding private legal proceedings. These amendments establish a safe harbor protecting institutions from civil liability for voluntary disclosures or disclosures made pursuant to the rule, effective January 3, 2011.