June 8, 2009 Financial Crimes Enforcement Network P.O. Box 39 Vienna, VA 22183 Attention: Docket Number TREAS-FinCEN-2008-0022 Re: Clarifying Confidentiality Requirements and Sharing Suspicious Activity Reports by Depository Institutions with Certain U.S. Affiliates Dear Sir or Madam: 1The Independent Community Bankers of America (ICBA) welcomes the opportunity to comment on the Financial Crimes Enforcement Network’s (FinCEN’s) notice of proposed guidance on clarifying the confidentiality requirements of a report of a suspicious transaction and proposed guidance on sharing Suspicious Activity Reports (SARs) with certain United States Affiliates. The Bank Secrecy Act (BSA) and its implementing regulations require financial institutions to file a SAR when a known or suspected violation of Federal law or a suspicious activity related to money laundering, terrorist financing or other criminal activity is detected. SARs are confidential and generally no information about or contained in a SAR may be disclosed. FinCEN is proposing amendments to these rules to clarify the standards governing SAR disclosure. Additionally, FinCEN issued proposed guidance that interprets a provision confirming that a bank may disclose a SAR to its controlling company, whether domestic or foreign as permitting a depository institution to share the SAR with certain affiliates. 1 The ...