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Question & Answer
Question: We filed an SAR on a customer with whom we had been having problems, and who was structuring transactions. Following the filing, we closed his account. We had called the IRS and they asked us for a copy of the SAR, which we gave to them. They called us back, after we closed the account, and told us they were going to seize the funds in the account. They were not pleased that we had closed it. They wanted to know where our former customer now had an account. We can get that information from the back of the check he used to close the account. Should we call the IRS and tell them?
Answer: Unfortunately, as much as you'd like to cooperate with the IRS, the answer from Washington was a resounding "NO!" You might tell IRS you'd be glad to give them information if they supply you with a subpoena, but giving them additional information than that required by the SAR without a subpoena would put you and your financial institution in an extremely libelous position.
Copyright © 1996 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 6, No. 10, 8/96
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