Recent FinCEN Guidance on Sharing Of SARs Does Not Apply to CUs
ALEXANDRIA, Va.-The Financial Crimes Enforcement Network, together with the federal banking regulators, issued guidance recently on the sharing of Suspicious Activity Reports with parent companies, including those on foreign soil. NCUA clarified that it did not participate in the guidance, nor does it plan to issue separate guidance since federally insured credit unions must operating on U.S. soil, even those operating overseas. U.S. military installations and embassies are considered U.S. soil. "Foreign credit unions may not operate branches in the U.S.," NCUA Director of External Affairs Nick Owens explained. "Therefore, no guidance is necessary concerning the completion of SARs for foreign credit unions."