Does FinCrime conflict with FinCEN SAR reporting requirements?
The Bank Secrecy Act prohibits a financial institution, its directors, officers, employees or agents from disclosing to any person involved in the transaction that a SAR has been filed. SARs must be filed only on certain transactions that are suspicious in nature, involve potential money laundering or violations of the Bank Secrecy Act when aggregate dollars involved in the transactions exceed reporting thresholds. The BSA does not prohibit information contained in a SAR to be shared on a voluntary basis with other persons or law enforcement, so long as the fact that the SAR has been filed is not disclosed.
Related Questions
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- Can GSA address the token/password application requirements (NDA, conflict of interest, etc.) and restrictions?
- Does FinCrime conflict with FinCEN SAR reporting requirements?
