Providing SAR Info to the FBI

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Question:

I am filing a SAR for suspected money laundering. Our policy states that upper management must decide whether to keep the account open after a SAR is filed. I've contemplated turning the investigation over to our local FBI office in order to escalate the investigation, so that management can make a sound decision about the fate of the account. Our policy also states that requests for SAR information from law enforcement will be denied without a subpoena. Do I need a subpoena in order to release the SAR information to the FBI if I am initiating the investigation? If I turn this over to the FBI, should I only provide the supporting documentation or should I provide the SAR and my documentation?

Answer:

Answer from John:Once you have filed a SAR, it's available to the FBI and other bona fide law enforcement officials, and the supporting documents are considered part of the SAR for the purposes of access. They do not need a subpoena for access to the SAR or the supporting documents. That may have implications for your bank's policy. They would need a subpoena if they wanted to look at other information about the customer or account that was not included in your SAR-supporting materials.

Answer:

Answer from Andy:I would hesitate to place too much emphasis on an investigation by law enforcement in your policy or to infer that management will depend on this. Each SAR will not be investigated and when there is an investigation, you may not be aware that it is ongoing. Further, there have been times when law enforcement would ask that an account not be closed, so the money trail could be followed. There is no guarantee that the FBI will be the lead agency, nor that they will act on your behalf. My point is, the FBI may not react to your SAR and that should not be the determining factor that influences your action. That is what your policy is to do. You may be influenced by their actions, but not necessarily dependent on them.

First published on BankersOnline.com 2/08/10