The Financial Crimes Enforcement Network (FinCEN) is seeking comment on a pilot program that would allow financial institutions to share suspicious activity reports (SARs) with foreign branches, subsidiaries, and affiliates.
Financial institutions can currently share SARs within their corporation organizational structure with “foreign head offices, controlling companies (whether domestic or foreign), and domestic affiliates,” according to a FinCEN press release. The pilot program proposal, set to be published in the Federal Register on Tuesday, would expand the number of affiliated entities with which financial institutions can share SARs.
