If the bank is investigating a customer to determine whether to file a SAR and during this time is served with a subpoena requesting various records, does the bank have to mention in the SAR that we received the subpoena?

Ps, Receiving the subpoena for records somewhat confirmed certain suspicions and helped us decide whether we would file or not.

Thank you

Receipt of a subpoena is a more than adequate catalyst for some enhanced due diligence. Keep in mind though, your customer may not be the object of the investigation.

If it's a grand jury subpoena you do not mention it in any SAR you might decide to file as the result of your investigation. Grand juries investigate suspected criminal activities and their actions are secret. If it's a garden variety subpoena follow the instructions to Part V in any SAR you decide to file:

k. Indicate whether there is any related litigation. If so, specify the names of the parties involved and the court where the action is pending.

Ken,
If we ever get a grand jury subpoena can we mention that we were served "a subpoena" but don't mention that it is a grand jury subpoena?

Where could I find information related to the do's & don'ts on subpoenas?
thank you

If it's a grand jury subpoena I encourage you to make no reference to it at all. You can write a very helpful SAR and provide every piece of information requested without saying what the catalyst for your investigation was.

There is a lot of commonality in the way your bank should handle third party requests/demands for information. Here's a webinar Mary Beth did that is in the Bankers Store.