Regulatory Alerts2010-11-23 | FinCEN Advisory – FIN-2010-A014Added
Maintaining the Confidentiality of Suspicious Activity Reports (FinCEN Advisory – FIN-2010-A014)
FinCEN reinforces the requirement for regulatory and law enforcement agencies, self-regulatory organizations, and financial institutions to preserve the confidentiality of Suspicious Activity Reports and any information revealing their existence. The advisory mandates that these entities implement robust programs, including employee training and security controls like limited access and logging, to safeguard against unauthorized disclosure. Unauthorized disclosure constitutes a violation of federal law, subjecting violators to civil penalties of up to $100,000 per violation, criminal penalties of up to $250,000 and/or five years imprisonment, and daily civil money penalties of up to $25,000 for related anti-money laundering program deficiencies.