The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued guidance to promote appropriate, voluntary sharing of information across borders between financial institutions, including foreign financial institutions.
The guidance clarifies that while financial institutions are prohibited from sharing Suspicious Activity Reports (SARs) or information that would reveal the existence of a SAR, the Bank Secrecy Act and its implementing regulations generally do not restrict cross-border information sharing.
The guidance states that, while the BSA prohibits the disclosure of a SAR or information that would reveal whether a SAR exists, it does not otherwise prevent sharing the underlying facts, transactions, and documents upon which a SAR is based. And, although someone familiar with the SAR filing requirement might suspect from this information that a SAR was filed, the underlying details alone would not reveal the existence of a SAR for confidentiality reasons.
The guidance aims to help address threats from money laundering, terrorist financing, and other illegal financial activities by clarifying what information can be shared, though it emphasizes that firms must evaluate this on a case-by-case basis.
FinCEN emphasizes that voluntarily sharing information allows financial institutions to form a clearer picture of threats, risks, and vulnerabilities related to money laundering, terrorist financing, and other illicit financial activities. This, in turn, helps them better detect and prevent illegal activities and produce reports that are highly valuable to law enforcement and national security agencies.
How Neopay Global Can Help
At Neopay Global, we help financial institutions navigate complex regulatory expectations under the Bank Secrecy Act (BSA) and related compliance frameworks. Our experts provide tailored support for information sharing, AML governance, and SAR management, ensuring compliance while enabling proactive, efficient cooperation across borders.
Whether your business operates in the U.S., Canada, or multiple jurisdictions, we can help you build strong, scalable frameworks that align with evolving FinCEN guidance.
