FinCEN Publishes a Final Rule and Interpretive Guidance Clarifying the Scope of SARs Confidentiality Provisions


As part of the ongoing effort to increase efficiency and effectiveness of its anti-money laundering (AML) policies, on December 3, 2010, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) published a Final Rule clarifying prohibitions against the disclosure of suspicious activity reports (SARs) and an Interpretive Guidance (Guidance) clarifying sharing of SARs by certain financial institutions with their affiliates. The Final Rule and Guidance, both to be effective on January 3, 2011, clarify and solidify amendments to the SARs disclosure provisions proposed by FinCEN in a number of publications on March 9, 2009.


The Final Rule amends the regulations that implement the Bank Secrecy Act (BSA) to (1) clarify the scope of the statutory prohibition against the disclosure by a financial institution of a SAR; (2) address the statutory prohibition against the disclosure by the government of a SAR; (3) clarify that the exclusive standard applicable to the disclosure of a SAR by the government is to fulfill official duties consistent with the purposes of the BSA; (4) modify the limits on liability/safe harbor provisions; and (5) make minor technical revisions for consistency and harmonization among the different SAR rules.

Please see full Alert below for further information.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© King & Spalding | Attorney Advertising

Written by:


King & Spalding on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.