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#648432 - 12/07/06 02:44 PM
Re: SAR subpoened
DogLover
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100 Club
Joined: May 2003
Posts: 106
NC - On the Coast
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Perhaps, I am wrong, but I do not know of any requirements to notify your regulatory agency. Your requirements, generally, are to have a good program to identify suspicious activity and file SARs. However, the specifics of the case might require it such as if it involves an "incident" of your bank's customers' information being compromised.
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#648497 - 12/07/06 03:39 PM
Re: SAR subpoened
JeffB
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Power Poster
Joined: May 2002
Posts: 3,608
Near the Land of Enchantment
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There is a requirement in the BSA that you notify FinCEN and your regulatory agency if you are subpoena'd to produce a SAR.
I don't know that there's a specific address or contact identified for the notification, though. I'd send the FinCEN one to the attention of their Chief Counsel, and call your FDIC EIC and ask where to send that one.
Good luck and hang tough! Don't talk to anybody without your attorney standing next to you, and let your attorney do all the talking if at all possible!
_________________________
Opinions my own.
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#648974 - 12/07/06 09:19 PM
Re: SAR subpoened
DogLover
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Diamond Poster
Joined: Apr 2001
Posts: 2,245
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On page 70 of the 2006 version of the BSA/AML manual, it says:
"No bank, and no director, officer, employee, or agent of a bank, that reports a suspicious transaction may notify any person involved in the transaction that the transaction has been reported. Thus, any person subpoenaed or otherwise requested to disclose a SAR or the information contained in a SAR, except when such disclosure is requested by FinCEN or an appropriate law enforcement or federal banking agency, shall decline to produce the SAR or to provide any information that would disclose that a SAR has been prepared or filed, citing 31 CFR 103.18(e) and 31 USC 5318(g)(2). FinCEN and the bank's federal banking agency should be notified of any such request and of the bank’s response. Furthermore, FinCEN and the federal banking agencies take the position that banks’ internal controls for the filing of SARs should minimize the risks of disclosure."
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#649127 - 12/08/06 06:26 AM
Re: SAR subpoened
Kathleen O. Blanchard
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Gold Star
Joined: Nov 2006
Posts: 336
New England
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I totally agree with Kaybee..do not even admit you have one,until given a goahead from FinCEN, my guess is that you will not act based on FinCEN advise
_________________________
just my opinion, based on my 30+ years
GO RED SOX!!!
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#683445 - 02/08/07 08:53 PM
Re: SAR subpoened
Kathleen O. Blanchard
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Junior Member
Joined: Jul 2006
Posts: 37
Deep in the Heart of Texas
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Has anyone ever had a Search Warrant which requested copies of any SARs filed? I just received one and am not sure exactly how to proceed. The customer in question is a bad character and I certainly want to see him stopped, but don't want to put the bank in a bad spot either.
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#683819 - 02/09/07 02:17 PM
Re: SAR subpoened
Rangers Fan
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Diamond Poster
Joined: Jun 2004
Posts: 1,927
NYC
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I now have a similar situation. We just received a Grand Jury subpoena from our local District Attorney that asks for "all documents including ...'suspicious activity reports (and back-up files)'..." It so happens that there was a SAR filed on the customer in 2005. I know that we need to provide back-up files for SARs that have been filed when requested by Federal authorities who have access to SAR filing data, but in this case I am sure that the DA has no idea that there was a SAR filed and I am unsure if it would be covered in the subpoena. Should I provide the SAR and back-up files or not?
Thanks for your input.
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