FinCEN Clarifies That Banks May Discuss Fraud and Account Closures Without Disclosing SARs

FinCEN and the federal banking agencies have clarified that Suspicious Activity Report (SAR) confidentiality does not prevent banks from communicating with customers about the underlying transactions or conduct that prompted concern, including explaining certain fraud-related restrictions or account closures. The September 2 joint statement from FinCEN, the Federal Reserve, FDIC, NCUA and OCC does not change the Bank Secrecy Act or impose new supervisory requirements…. Continue Reading