Federal Regulators Issue Joint Statement Clarifying SAR Confidentiality for Banks

The Office of the Comptroller of the Currency (OCC), Federal Reserve, Federal Deposit Insurance Corporation (FDIC), Financial Crimes Enforcement Network (FinCEN), and National Credit Union Administration (NCUA) have issued a joint statement clarifying confidentiality requirements related to Suspicious Activity Reports (SARs). The guidance aims to help banks communicate with customers about potentially fraudulent transactions without violating SAR confidentiality, emphasizing that communication about underlying facts is permissible, but revealing the SAR's existence is prohibited.