Regulatory Alerts2010-11-23
Added
Confidentiality of Suspicious Activity Reports
FinCEN announces final interpretive guidance permitting depository institutions, securities broker-dealers, mutual funds, futures commission merchants, and introducing brokers in commodities to share Suspicious Activity Reports (SARs) with certain U.S. affiliates for purposes consistent with the Bank Secrecy Act. The guidance restricts this sharing authority to affiliates that are themselves subject to a SAR requirement, explicitly prohibiting sharing with foreign affiliates and entities without primary Federal functional regulators. The final guidance becomes effective on January 3, 2011.
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