Thursday, May 23, 2024

Federal agencies issue FAQs on suspicious activity reporting

The federal banking agencies on Jan. 19 issued a set of frequently asked questions providing clarity about suspicious activity reporting and other anti-money laundering issues. The agencies issued the FAQs at the recommendation of the Bank Secrecy Act Advisory Group, of which ABA is a member. The FAQs clarify existing expectations and do not establish new requirements.

The agencies said that the FAQs are intended to enable financial institutions to focus resources on activities that “produce the greatest value to law enforcement agencies and other government users of Bank Secrecy Act reporting.”

Among other things, the FAQs address SAR character limits, maintaining a customer relationship following the filing of a SAR, requests by law enforcement for financial institutions to maintain accounts as well as receipt of grand jury subpoenas and law enforcement inquiries.

You can view the FAQs by clicking here.