12 CFR Part 353 — Suspicious Activity Reports

PART 353—SUSPICIOUS ACTIVITY REPORTS Authority: 12 U.S.C. 1818, 1819; 31 U.S.C. 5318. Source: 61 FR 6099, Feb. 16, 1996, unless otherwise noted. § 353.1 Purpose and scope. The purpose of this part is to ensure that an FDIC supervised institution files a Suspicious Activity Report when it detects a known or suspected criminal violation of federal law or a suspicious transaction related to a money laundering activity or a violation of the Bank Secrecy Act. This part applies to all FDIC supervised institutions. [85 FR 3247, Jan. 21, 2020] § 353.2 Definitions. For the purposes of this part: (a) FinCEN (b) Institution-affiliated party (c) FDIC-supervised institution [61 FR 6099, Feb. 16, 1996, as amended at 85 FR 3247, Jan. 21, 2020] § 353.3 Reports and records. (a) Suspicious activity reports required. (1) Insider abuse involving any amount. (2) Transactions aggregating $5,000 or more where a suspect can be identified. (3) Transactions aggregating $25,000 or more regardless of potential suspects. (4) Transactions aggregating $5,000 or more that involve potential money laundering or violations of the Bank Secrecy Act. (i) The transaction involves funds derived from illegal activities or is intended or conducted in order to hide or disguise funds or assets derived from illegal activities (including, without limitation, the ownership, nature, source, location, or control of such funds or assets) as part of a plan to violate or evade any federal law or regulation or to avoid any transaction reporting requirement under federal law; (ii) The transaction is designed to evade any regulations promulgated under the Bank Secrecy Act; or (iii) The transaction has no business or apparent lawful purpose or is not the sort of transaction in which the particular customer would normally be expected to engage, and the FDIC-supervised institution knows of no reasonable explanation for the transaction after examining the available facts, including the background and possible purpose of the transaction. (b) Time for reporting. (2) In situations involving violations requiring immediate attention, such as when a reportable violation is ongoing, the FDIC-supervised institution shall immediately notify, by telephone, an appropriate law enforcement authority and the appropriate FDIC regional office (Division of Supervision and Consumer Protection (DSC)) in addition to filing a timely report. (c) Reports to state and local authorities. (d) Exemptions. (2) An FDIC-supervised institution need not file a suspicious activity report for lost, missing, counterfeit, or stolen securities if it files a report pursuant to the reporting requirements of 17 CFR 240.17f-1. (e) Retention of records. (f) Notification to board of directors. (g) Confidentiality of suspicious activity reports. e.g., (h) Safe harbor. [61 FR 6099, Feb. 16, 1996, as amended at 85 FR 3247, Jan. 21, 2020]

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