Regulatory Alerts2022-01-24
Added
Pilot Program on Sharing of Suspicious Activity Reports and Related Information with Foreign Branches, Subsidiaries, and Affiliates
This proposed rule establishes a limited-duration pilot program permitting financial institutions with Suspicious Activity Report (SAR) obligations to share SARs and related information with their foreign branches, subsidiaries, and affiliates for combating illicit finance risks. Participants must submit a written application to FinCEN detailing point of contact, specific entities, purposes, operational jurisdictions, and internal controls, while adhering to restrictions prohibiting sharing with entities in the People's Republic of China, the Russian Federation, or designated state sponsors of terrorism. The program is mandated to terminate three years after January 1, 2024, unless extended by the Secretary of the Treasury for up to two years upon submission of a national interest report.