HomePublicationsNewsletter ArchiveVolume 27Issue 3FinCEN AND FEDERAL BANKING AGENCIES ISSUE FREQUENTLY ASKED QUESTIONS  REGARDING SARS AND AML REQUIREMENTS

The Financial Crimes Enforcement Network (FinCEN), jointly 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, and in consultation with the staff of certain other federal functional regulators, issued responses to Frequently Asked Questions (FAQs) Regarding Suspicious Activity Reporting and Other Anti-Money Laundering (AML) Requirements this week.

The FAQs and answers address the following topics:

  1. Requests by Law Enforcement for Financial Institutions to Maintain Accounts.
  2. Receipt of Grand Jury Subpoenas/Law Enforcement Inquiries and SAR Filing.
  3. Maintaining a Customer Relationship Following the Filing of a SAR or Multiple SARs.
  4. SAR Filing on Negative News Identified in Media Services.
  5. SAR Monitoring on Multiple Negative Media Alerts.
  6. Information in Data Fields and Narrative.
  7. SAR Character Limits.  

The complete five page set of FAQs is available at this link.

 

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