To All Depository Institutions and Others Concerned
in the Second Federal Reserve District:
Guidance for banking organizations on sharing Suspicious Activity Reports with head offices and controlling companies (as defined in the guidance) has been issued by the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN), along with the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and the Office of Thrift Supervision.
In a supervisory letter (SR 06-1) dated January 20, 2006, the guidance confirms that: (1) a U.S. branch or agency of a foreign bank may disclose a Suspicious Activity Report to its head office outside the United States; and (2) a U.S. depository institution may disclose a Suspicious Activity Report to controlling companies whether domestic or foreign. The guidance notes that banking organizations should maintain appropriate arrangements for the protection of confidentiality of Suspicious Activity Reports.
The guidance does not address whether a banking organization may share a Suspicious Activity Report with an affiliate other than a controlling company or head office, whether located inside the United States or abroad.
Until further guidance is issued, banking organizations should not share Suspicious Activity Reports with such affiliates.