Regulatory Alerts2009-03-09
Added
Interpretive Guidance on Sharing Suspicious Activity Reports by Depository Institutions with Certain U.S. Affiliates
This proposed interpretive guidance permits a depository institution that has filed a Suspicious Activity Report (SAR) to share the SAR, or any information revealing its existence, with affiliates subject to SAR regulations issued by FinCEN or Federal Banking Agencies. An affiliate is defined as a company under common control with, or controlled by, the depository institution, specifically excluding foreign branches of U.S. banks which are not subject to such rules. Recipient affiliates are prohibited from further disclosing received SARs or information about their existence to other entities, and depository institutions must maintain written confidentiality agreements ensuring appropriate internal controls. The guidance clarifies that sharing is voluntary and does not impose new reporting requirements.