Regulatory Alerts2026-09-02 | SR 26-5Added · Updated
Joint Statement on Suspicious Activity Report Confidentiality Considerations Regarding Communications with Customers
This joint statement clarifies confidentiality requirements related to Suspicious Activity Reports (SARs) for banks and credit unions, particularly concerning communications with customers about potentially fraudulent transactions or account closures. It confirms that the Bank Secrecy Act (BSA) and its implementing regulations do not prohibit these institutions from discussing underlying facts, transactions, and documents upon which a SAR is based, or notifying customers of account closure intentions due to suspicious activity, as long as such communication does not reveal the existence of a SAR. The statement provides examples of communications typically not prohibited, such as requesting customer due diligence, notifying customers of delays or restrictions related to suspected fraud, or providing warnings about fraud schemes. This statement does not alter existing BSA legal or regulatory requirements or establish new supervisory expectations.