FinCEN new Guidance encourages voluntary cross-border information sharing among FIs to better combat ML/TF, and fraud, while clarifying that SARs cannot be shared

The guidance clarifies that while SARs and related disclosures remain prohibited under the Bank Secrecy Act, institutions may share underlying transaction records, customer data, and other non-SAR information to strengthen detection of illicit finance. It also emphasises that such cross-border sharing is voluntary and creates no new regulatory obligations…