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FinCEN gives guidance on sharing SARs

Joe Mont | January 5, 2017

The Treasury Department’s Financial Crimes Enforcement Network has issued guidance to confirm that, under the Bank Secrecy Act, a casino that has filed a Suspicious Activity Report may share it, or any information that would reveal the existence of the SAR, with each office located within the United States of either the casino itself or a parent or affiliate.

“Sharing SARs under these circumstances will assist casinos in discharging their responsibilities with respect to enterprise-wide risk management and compliance with applicable laws and regulations,” the advisory says. “Sharing SARs with domestic parents and affiliates will facilitate a casino’s ability to identify suspicious transactions. In addition, a parent or affiliate’s respective anti-money laundering efforts may be enhanced by reviewing the casino’s SARs and obtaining a clearer and more...

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