U.S. regulators vowed Wednesday to observe new guidance on filing suspicious activity reports when conducting anti-money laundering examinations and urged banks to update their own policies to reflect the changes. Federal banking agencies and the Financial Crimes Enforcement Network issued the guidance on Oct. 9 to clarify that banks must submit SARs on a transaction or series of transactions near and below $10,000, the threshold for filing currency transaction reports, only if they "know, suspect or have reason to suspect" a customer intentionally structured his or her funds in that way. The guidance, which consists of responses to frequently asked...
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