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#2052495 - 12/04/15 03:23 PM Disclosure of Summons in SAR
PrimeTime Offline
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Hypothetically speaking of course, what would be the course of action for a FI if it discovered that the existence of a Summons to Trustee was mentioned in the narrative of a SAR filed?
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#2052498 - 12/04/15 03:26 PM Re: Disclosure of Summons in SAR PrimeTime
rlcarey Offline
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I don't understand? Why would you need to take any action, It would not be prohibited. It has nothing to do with a grand jury proceeding. Those involve civil actions don't they?
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#2052507 - 12/04/15 03:35 PM Re: Disclosure of Summons in SAR PrimeTime
PrimeTime Offline
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Yikes, long week. I think the thought process here was that the Summons was the basis for filing and noted in the narrative; not simply that the receipt of the Summons was noted in general.
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#2052515 - 12/04/15 03:57 PM Re: Disclosure of Summons in SAR PrimeTime
Elwood P. Dowd Offline
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Mentioning a grand jury subpoena or a national security letter is verboten.

I'm familiar with a "summons" issued by the IRS or other governmental agencies, but generally the term used by civil and criminal courts is a "subpoena." You are not required to disclose what served as the impetus for the enhanced due diligence that resulted in a SAR filing, but it might be helpful to law enforcement to know they were out there.
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#2052529 - 12/04/15 04:22 PM Re: Disclosure of Summons in SAR PrimeTime
PrimeTime Offline
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PrimeTime
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Right, I think that's what I was held up on; the "hypothetical" narrative in question simply states that after further investigation it was discovered that there was a subpoena issued for the subject, which is approximately when the activity noted in within the SAR began.
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