Suspicious Activity Reports: What You CAN Disclose

Key Takeaways:

• Underlying facts are fair game. Banks and credit unions can share transaction details (dates, amounts, parties) and notify customers of account restrictions or closures tied to suspicious activity, as long as they do not reveal the existence of a SAR itself.

• Case-by-case application. The Joint Statement lists several permissible communications by way of illustration, but stresses that each situation should be evaluated individually.

• Confidentiality does not equal silence. The BSA protects SAR filings from disclosure, but banks and credit unions still have meaningful room to communicate transparently with customers about account actions.

The Bank Secrecy Act (“BSA”) prohibits the disclosure of a Suspicious Activity Report (“SAR”) or information that would reveal the existence of a SAR to ensure any current or future law enforcement investigation is not compromised by such disclosure. However, this objective must be balanced against the need for