By providing pertinent Bank Secrecy Act information to FinCEN, which is adding staff to fulfill its responsibilities, the Federal Reserve and the other regulators can now better coordinate their supervision with FinCEN, thus further reducing the potential for unwarranted compliance burdens on the industry.
The bottom line is that any bank of any size should always be on guard for suspicious activities, and whenever they know, suspect, or have reason to suspect a violation of law, they should file suspicious activity reports according to Federal Reserve and FinCEN regulations.