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SAR: Staff Member Disclosed Client Info to 3rd Party

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One of our staff members disclosed client information to a third party. The staff member has been terminated. Do we need to file a SAR?

Protecting customer information has become a serious issue for all financial institutions. Several State and Federal laws have been created to protect this information, but unfortunately a bad employee can cause the bank to violate these rules. Additionally, the SAR reporting requirements have established a zero dollar threshold on all suspicious activity committed by an employee. Based on these facts, it appears that a SAR should be filed. If the employee disclosed customer information without the proper authorization, you may want to consider notifying the affected customer so they can take the proper steps to protect their identity.

First published on 6/19/06

First published on 06/19/2006

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