The Clearing House submitted a comment letter to FinCEN requesting guidance that will better enable banks to share suspicious activity reports (SARs) within their international organizations for enterprise-wide AML compliance purposes. Currently, FinCEN regulations and guidance prohibit U.S. depository institutions from sharing SAR information with any foreign branch or affiliate. These restrictions impede the ability of globally-active U.S. depository institutions to conduct effective enterprise-wide AML risk management, assessment and activity monitoring. TCH calls on FinCEN to: (i) issue written guidance that allows U.S. a depository institution to share SARS with a foreign branch or affiliate, so long as that branch or affiliate: (a) is located in a country that is a member of the Financial Action Task Force (“FATF”) or (b) has entered into a written confidentiality agreement or arrangement with the U.S. depository institution, and (ii) reaffirm the authority of U.S. depository institutions to share the underlying facts, transactions, and documents upon which a SAR is based and, in particular, clarify that the fact that information from underlying facts, transactions, or documents has been included in a SAR does not cause that information to fall under the general prohibition against disclosing a SAR or information that would reveal the existence of a SAR.
You Might Also Be Interested In...
AML, Bank Secrecy Act and Sanctions BPI Statement on Final Passage of Legislation to Reform the Anti-Money Laundering Framework and End Anonymous Shell Companies
AML, Bank Secrecy Act and Sanctions BPI Applauds Passage of Legislation to Reform Anti-Money Laundering Framework and End Anonymous Shell Companies
AML, Bank Secrecy Act and Sanctions Outdated U.S. Sanctions Regime Could Leave U.S. Financial System Open to Abuse, Requires Modernization
AML, Bank Secrecy Act and Sanctions Reforming the U.S. Sanctions Regulatory Regime: How a Smarter, Risk-Based Approach Can Make Sanctions More Effective
AML, Bank Secrecy Act and Sanctions BPI Applauds House Passage of Legislation To Reform the Anti-Money Laundering Framework and End Anonymous Shell Companies
AML, Bank Secrecy Act and Sanctions BPI Endorses Legislative Compromise to Reform Anti-Money Laundering Framework and End Anonymous Shell Companies
More Posts by This Author
COVID-19 Relief BPI and Coalition of Trades Advocate for Economic Impact Payment Protections in American Rescue Plan Act of 2021
Consumer Affairs BPI and Coalition of Trades Submit Letter to OCC in Response to CRA Information Collection Survey