The National Credit Union Administration, alongside the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency, joined the Financial Crimes Enforcement Network in publishing answers to frequently asked questions on Suspicious Activity Reports (SARs) and other anti-money laundering and countering the financing of terrorism (AML/CFT) considerations. The FAQ is intended to clarify SAR requirements to support AML/CFT compliance and help institutions focus resources on activity that provides the greatest value to law enforcement and other authorized users of Bank Secrecy Act reports. The questions address structuring, continuing activity reviews, timelines for continuing activity reviews, and documentation supporting decisions not to file a SAR.
National Credit Union Administration 2025-10-09
National Credit Union Administration joins FinCEN and other US banking agencies in issuing FAQ clarifying Suspicious Activity Report and AML/CFT expectations
The National Credit Union Administration, in collaboration with other U.S. financial regulators, released a FAQ document on Suspicious Activity Reports (SARs) and AML/CFT considerations. The FAQ aims to clarify SAR requirements to enhance compliance and optimize resource allocation for law enforcement. Key topics include structuring, continuing activity reviews, and documentation for decisions not to file a SAR.