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FinCEN Guidance on SAR Sharing “Falls Short,” Says ABA
By Brian Monroe
printA proposal by the U.S. Treasury Department that would prevent banks from sharing their suspicious activity reports with foreign affiliates is "needlessly" restrictive, a top banking association said Friday. The Washington D.C.-based American Bankers Association (ABA) said that proposed guidance on sharing the reports "falls short" because it would stop financial institutions from sending intelligence on suspected crimes to foreign-based affiliates. The department's Financial Crimes Enforcement Network (FinCEN) disclosed details of the plan on March 3. If finalized, the guidance would create an "unwarranted demarcation" between affiliated operations in the United States and other countries that "needlessly" restricts internal data...
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