The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), in collaboration with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency, issued answers to frequently asked questions (FAQs) to clarify certain requirements related to suspicious activity reports (SARs).
The FAQs aim to assist financial institutions covered by SAR rules in understanding and complying with regulatory requirements related to SARs and other anti-money laundering/countering the financing of terrorism (AML/CFT) considerations.
These clarifications are part of ongoing efforts by U.S. regulators to ensure that financial institutions have a clear understanding of their obligations and to enhance the effectiveness of the nation’s AML/CFT framework.