FinCEN clarifies SAR confidentiality rules, allowing banks to discuss suspicious transactions, fraud concerns and a/c closures with customers, provided they do not reveal that a SAR was filed

FinCEN and US banking regulators have issued a joint statement clarifying that SAR confidentiality requirements do not prevent banks and credit unions communicating with customers about the underlying facts, transactions and documents behind suspected fraud or other suspicious activity. Firms can request CDD information, question the purpose or source of funds, explain restrictions or account closures and warn customers about fraud…