Regulatory Alerts2026-09-02
Added · Updated
Joint Statement on Suspicious Activity Report Confidentiality Considerations Regarding Communications with Customers
The Federal Reserve, FDIC, NCUA, OCC, and FinCEN clarify that the Bank Secrecy Act does not prohibit banks and credit unions from communicating with customers about potentially fraudulent transactions or account closures, provided such communications do not reveal the existence of a Suspicious Activity Report. While the statute prohibits disclosing the SAR itself or any information revealing its existence, the statement confirms that sharing underlying facts, transactions, and documents upon which a SAR is based is permitted. This guidance allows financial institutions to discuss specific transaction details, such as dates, amounts, and parties, or notify customers of account restrictions due to suspected fraud without violating confidentiality requirements.