US: HOW THE NEW SAR PILOT MAY AID IN THE FINANCIAL CRIME FIGHT INTERNATIONALLY

On 11 August, the American Bankers Association reported on FinCEN’s international SAR exchange proposal which would allow US banks to share suspicious activity reports with branches, subsidiaries, and affiliates located in foreign countries, excluding those considered a state sponsor of terrorism. Previously, the Bank Secrecy Act restricted this cross-border exchange of information as international units of US banks were branded as foreign banks.

https://bankingjournal.aba.com/2022/08/how-the-new-sar-pilot-may-aid-in-the-financial-crime-fight-internationally/

See also –

https://bankingjournal.aba.com/2022/01/fincen-proposes-sar-information-sharing-pilot-program/

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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