The federal banking agencies have issued responses to frequently asked questions regarding suspicious activity reporting and other anti-money laundering (AML) considerations for financial institutions covered by suspicious activity reporting rules. The answers to the frequently asked questions clarify the regulatory requirements related to suspicious activity reporting to assist covered financial institutions with their compliance obligations, while enabling financial institutions to focus resources on activities that produce the greatest value to law enforcement agencies and other government users of Bank Secrecy Act (BSA) reporting.
The frequently asked questions address the following topics:
The FAQs may be viewed at:
“Answers to Frequently Asked Questions Regarding Suspicious Activity Reporting and Other Anti-Money Laundering Considerations” (PDF) (https://www.occ.gov/news-issuances/bulletins/2021/bulletin-2021-4a.pdf