Thread Options
#2134147 - 06/13/17 06:56 PM National Security Letter
JennKK2 Offline
100 Club
Joined: Nov 2006
Posts: 212
-
is this correct...if a bank receives a NSL, no one, outside of the BSAO and President, is to have knowledge of it; including the board, auditors, and examiners.
no reference in a SAR is to be made of having received a NSL.
_________________________
plan your Work and Work your Plan

Return to Top
BSA/AML/CIP/OFAC Forum
#2134148 - 06/13/17 07:05 PM Re: National Security Letter JennKK2
BrianC Offline
Power Poster
BrianC
Joined: Nov 2004
Posts: 6,067
Illinois
Quote:
...if a bank receives a NSL, no one, outside of the BSAO and President, is to have knowledge of it; including the board, auditors, and examiners

Auditors or examiners should review your procedures but not specific NSL's. The exam manual doesn't specify which employees should have access, but it is obviously limited to need to know.

NSLs are highly confidential documents; for that reason, examiners will not review or sample specific NSLs. Pursuant to 12 USC 3414(a)(3) and (5)(D), no bank, or officer, employee or agent of the institution, can disclose to any person that a government authority or the FBI has sought or obtained access to records through a Right to Financial Privacy Act NSL. Banks that receive NSLs must take appropriate measures to ensure the confidentiality of the letters and should have procedures in place for processing and maintaining the confidentiality of NSLs.

Quote:
no reference in a SAR is to be made of having received a NSL.

Correct.

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.
_________________________
Sola Gratia, Sola Fides, Sola Scriptura, Solus Christus, Soli Deo Gloria!
www.tcaregs.com

Return to Top
#2134152 - 06/13/17 07:20 PM Re: National Security Letter JennKK2
JennKK2 Offline
100 Club
Joined: Nov 2006
Posts: 212
-
ok thank you for your quick reply - appreciated
_________________________
plan your Work and Work your Plan

Return to Top

Moderator:  Andy_Z