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#1292900 - 11/24/09 04:15 PM SARs Shared With Third-Party Service Provider
Norrie Offline
Member

Registered: 02/11/08
Posts: 67
If a financial institution has a contract with a third-party service provider who performs transaction monitoring of the bank's account activity, is it okay for the bank to fax copies of filed SARs to the third-party service provider for follow-up monitoring purposes?

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BSA/AML/CIP/OFAC
#1292912 - 11/24/09 04:19 PM Re: SARs Shared With Third-Party Service Provider [Re: Norrie]
John Burnett Offline


10K Club

Registered: 10/27/00
Posts: 31938
Loc: Cape Cod
No. It's not permitted to share the SAR or the fact that the SAR was filed with third parties. Just those who work with them in the bank, audit and examiners, bank counsel and law enforcement.
_________________________
John S Burnett
BankersOnline.com

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#1292934 - 11/24/09 04:30 PM Re: SARs Shared With Third-Party Service Provider [Re: Norrie]
Ken_Pegasus Offline

10K Club

Registered: 08/30/01
Posts: 18147
Loc: Another trip around the sun
I'm not certain why a third party would need evidence of prior activity. Regardless, the activity can be described to them without mentioning the SAR filing.
_________________________
"It is curious that physical courage should be so common in the world and moral courage so rare.” ― Mark Twain

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#1293200 - 11/25/09 08:49 AM Re: SARs Shared With Third-Party Service Provider [Re: Ken_Pegasus]
joser Offline
Member

Registered: 09/14/05
Posts: 67
Loc: NJ
Just a reminder -- Faxes are not a secure media

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