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ARTICLE · 04 SEPTEMBER 2020

FinCen Issues Statement Regarding Publication Of Suspicious Activity Reports (SARs)

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
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On September 1, 2020, the Financial Crimes Network ("FinCEN") issued a statement regarding various media outlets' intent to publish Suspicious Activity Reports ("SARs")

United StatesGovernment, Public Sector
Eoin Beirne
Eoin Beirne
Pete S. Michaels
Pete S. Michaels
Jason L. Burrell
Jason L. Burrell
Cory S. Flashner
Cory S. Flashner
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On September 1, 2020, the Financial Crimes Network ("FinCEN") issued a statement regarding various media outlets' intent to publish Suspicious Activity Reports ("SARs") and "other sensitive government documents". The full statement may be found here. The release offers no changes regarding the unauthorized disclosure of SARs, and serves to remind everyone, including media outlets, that publishing unlawfully disclosed information is a crime. FinCEN has referred the matter to both the Department of Justice and the Department of the Treasury's Office of Inspector General for further enforcement.

Generally, under the Bank Secrecy Act ("BSA"), U.S. financial institutions are required to file a SAR with FinCEN within 30 days if suspicious activity is detected in an account related to things like money laundering, fraud or terrorist financing. However, the BSA and other federal regulations specifically prohibit the unauthorized disclosure of the SAR, or any information that

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