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FinCEN Proposes Pilot Program on Sharing SARs with Foreign Affiliates
27 January 2022
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Pursuant to the Anti-Money Laundering Act of 2020, the Financial Crimes Enforcement Network (“FinCEN”) published a notice of proposed rulemaking seeking public comment on a proposed pilot program that would permit financial institutions to share suspicious activity reports (“SARs”) with their foreign branches, subsidiaries and affiliates (the “Proposal”).
In this Client Update, we summarize the key elements of the Proposal, including the process to apply for the pilot program and the various conditions and requirements to which participating financial institutions will be subject.
Although many in the financial industry have advocated for SAR sharing with certain foreign affiliates, the time-limited nature of the Proposal and significant requirements that will apply are likely to limit participation in the pilot program. Nevertheless, the program should help inform FinCEN’s consideration of a broader, longer-term program for information sharing with foreign affiliates.
Satish M. Kini
Aseel M. Rabie
Isabel Espinosa de los Reyes
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