• FinCEN Publishes a Final Rule and Interpretive Guidance Clarifying the Scope of SARs Confidentiality Provisions
  • December 30, 2010 | Authors: Jane Y. Cohen; Jeffrey M. Telep
  • Law Firm: King & Spalding LLP - Washington Office
  • As part of the ongoing effort to increase efficiency and effectiveness of its anti-money laundering (AML) policies, on December 3, 2010, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) published a Final Rule clarifying prohibitions against the disclosure of suspicious activity reports (SARs) and an Interpretive Guidance (Guidance) clarifying sharing of SARs by certain financial institutions with their affiliates. The Final Rule and Guidance, both to be effective on January 3, 2011, clarify and solidify amendments to the SARs disclosure provisions proposed by FinCEN in a number of publications on March 9, 2009.