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Stoutt, et al v. Banco Popular de Puerto Rico

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The 1st Circuit Court of Appeals has held that a bank who filed a CRF, the predecessor of a SAR, was entitled to absolute civil immunity under the safe harbor provisions of the Annunzio-Wiley Anti-Money Laundering Act 31 U.S.C. 5318(g)(3). The Court sided with the 2nd Circuit decision in Lee Case that the statute does not require a good faith element for the immunity to apply. The Court rejected the reasoning of the 11th Circuit in the Lopez Case that immunity should be conditioned upon a finding of good faith on the part of the reporting bank. (Lee & Lopez are below.)

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