SARs and Attorney Client Privilege

Posted By: SnowRed

SARs and Attorney Client Privilege - 02/02/11 09:01 PM

May a bank discuss a SAR with the Bank's attorney? In theory, the attorney is an extension of the bank in this case. I've been through the guidance and see only a little mention of an "agent" relationship. Thoughts?
Posted By: rlcarey

Re: SARs and Attorney Client Privilege - 02/03/11 12:23 AM

First question is why would it be necessary to inform an attorney before filing a SAR? You might talk to the attonery regarding certain legalities, but why would they need to know whether or not a SAR was being filed. That would be by far the safest approach. However, an attorney would most likely be considered an extension of the bank.
Posted By: ACBbank

Re: SARs and Attorney Client Privilege - 02/03/11 02:04 PM

We have outside consultants that just happen to be attorneys. At times, we will talk about the potential filing of SARs and SARs that have been filed just to get their opinion. OCC and IA has never had an issue with it.
Posted By: SnowRed

Re: SARs and Attorney Client Privilege - 02/09/11 09:55 PM

We wouldn't tell them prior to filing. It would be in a case where their may be some legal action against the perpetrator.