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Compliance Question of the Week
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The bank recently filed a SAR, FinCEN has requested supporting documentation, doesn’t the Right to financial privacy act say that any record needs a subpoena to get the records?
While the Right to Financial Privacy does state that a government agency is not to access customer records without proper authorization – including a subpoena, for a SAR it is different. F
inCEN has issued guidance stating that while it is important for banks to have procedures to ensure that the requesting person/agency is verified, disclosure of SARs to appropriate law enforcement and supervisory agencies is protected by the safe harbor provisions applicable to both voluntary and mandatory suspicious activity reporting by financial institutions.
Reference: Right to Financial Privacy 12 USC 3402 FIN-2007-G003, Suspicious Activity Report Supporting Documentation, June 13, 2007