Snapshot:
On September 2, 2026, FinCEN, along with the FRB, FDIC, NCUA, and OCC, issued a joint statement clarifying how financial institutions may communicate with customers about potentially fraudulent transactions, suspicious activity, and account closures without violating Suspicious Activity Report confidentiality requirements. The statement confirms that institutions may explain actions taken in response to suspected fraud, provided they do not disclose a SAR or information that would reveal whether a SAR has been filed.
Why it Matters:
Uncertainty surrounding SAR confidentiality can make it difficult for fraud, BSA/AML, frontline, and customer service teams to provide meaningful information to affected customers. The clarification gives institutions an opportunity to review investigation procedures, account-closure communications, escalation practices, and employee training so that customers receive appropriate explanations without compromising protected SAR information.
Official Source:
FinCEN Press Release: FinCEN, Agencies, Issue Joint Statement on Suspicious Activity Report Confidentiality Considerations Regarding Communications with Customers