Good morning!

Should we not be calling out instances in SAR filings where we have received Grand Jury Subpoena's or things like Letters of National Security from the FBI? I can't remember if those things should not be listed since any government agency can retrieve a SAR or if it should be listed because it is part of the bank's investigation?

Thanks!

You should not reference either document in an SAR filing.

"Due to the confidentiality of grand jury proceedings, if a bank files a SAR after receiving a grand jury subpoena, law enforcement discourages banks from including any reference to the receipt or existence of the grand jury subpoena in the SAR. Rather, the SAR should reference only those facts and activities that support a finding of suspicious transactions identified by the bank."

"If a bank files a SAR after receiving a NSL, the SAR should not contain any reference to the receipt or existence of the NSL. The SAR should reference only those facts and activities that support a finding of unusual or suspicious transactions identified by the bank."

So, should we also remove that information (we actually received a letter with the subpoena) from our back doc case files in case the back up docs are requested?

Due to the confidentiality of both documents, I keep them separate under lock and key. Any requests for those documents must be approved by counsel.