The Financial Crimes Enforcement Network, Federal Reserve, Federal Deposit Insurance Corporation, National Credit Union Administration and Office of the Comptroller of the Currency issued a joint statement clarifying that Suspicious Activity Report confidentiality rules do not prevent banks and credit unions from communicating with customers about potentially fraudulent or suspicious transactions, related account restrictions or account closures. Institutions must not disclose a SAR or information revealing that one exists. Banks and credit unions may discuss the underlying facts, transactions and documents on which a SAR is based, including transaction dates, amounts and parties. They may also request information, explain that account actions may relate to suspected fraud, discuss remediation or mitigation steps and communicate decisions to decline transactions or close accounts. Communications should be assessed case by case with precautions against revealing a SAR’s existence, and the statement does not change Bank Secrecy Act requirements or create new supervisory expectations.
2026-09-02Financial Crimes Enforcement Network
Financial Crimes Enforcement Network and US federal banking agencies clarify that SAR confidentiality permits customer communications
The Financial Crimes Enforcement Network and US federal banking agencies clarified that SAR confidentiality does not bar banks and credit unions from discussing suspicious transactions, account restrictions or closures with customers. Institutions may share underlying facts and explain account actions but must not reveal that a SAR exists. The statement creates no new legal requirements or supervisory expectations.