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FinCEN Proposes Plan to Expand SAR Data Sharing With Affiliates
By Matt Squire
printThe U.S. Treasury Department has proposed an amendment to Bank Secrecy Act regulations that would allow financial institutions to share suspicious activity reports with their domestic affiliates. The proposal, announced Tuesday by the department's Financial Crimes Enforcement Network (FinCEN), would lift restrictions barring depository institutions, broker-dealers, mutual funds, futures commission merchants and commodities brokers from sharing the reports, known as SARs, within their broader corporate structure. The proposal is designed to make law enforcement's access to SAR information more "timely and accurate," said FinCEN Director James Freis, in a statement on Tuesday. Freis first announced his agency's intention to make...
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