Regulatory Alerts2026-09-02 | FIL-55-2026Added · 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 the communication does not reveal the existence of a Suspicious Activity Report. While the BSA prohibits disclosing a SAR or information revealing its existence, it permits discussing the underlying facts, transactions, and documents upon which a SAR is based. The statement specifies that banks may discuss transaction details, such as dates and amounts, and notify customers of account restrictions or closures related to suspected fraud without violating confidentiality requirements.