BSA Confidentiality Issues: Subpoenas, NSLs, Law Enforcement & Lawsuits
Understanding law enforcement inquiries and requests is an important part of a BSA Officer’s job. Who can get the SAR? How do you give them the supporting documentation?
Learn how you can establish policies, procedures, and processes for identifying subjects of law enforcement requests, monitoring the transaction activity of those subjects when appropriate, identifying unusual or potentially suspicious activity related to those subjects, and filing, as appropriate, SARs related to those subjects. Law enforcement inquiries and re-quests can include grand jury subpoenas, National Security Letters (NSL), and section 314(a) requests.
Also, mere receipt of any law enforcement inquiry does not, by itself, require the filing of a SAR by the bank. For example, the receipt of a grand jury subpoena should cause a bank to review account activity for the relevant customer. A bank should assess all of the information it knows about its customer, including the receipt of a law enforcement inquiry, in accordance with its risk-based BSA/AML compliance program. The bank should determine whether a SAR should be filed based on all customer information available. Due to the confidentiality of grand jury proceedings, if a bank files a SAR after receiving a grand jury subpoena, law enforcement discourages banks from including any reference to the receipt or existence of the grand jury subpoena in the SAR. Rather, the SAR should reference only those facts and activities that support a finding of suspicious transactions identified by the bank. Learn more during this program on the dos and don’ts on working with different types of law enforcement inquires.
- A look at the SAR confidentiality law
- A review of who can get what and how to give the information
- What constitutes supporting documentation?
- What to do if you receive a subpoena
- How to handle National Security Letters
- How to handle a 314(a) match and when to file a SAR
- What to do if you have an OFAC match. Do you file?
- Whitney National Bank Case and resulting Interagency guidance
- Sharing with your Board of Directors
BSA Officers, Coordinators, Compliance Officers, and Security Officers will benefit from attending this webinar.
Deborah Crawford is the President of gettechnical inc. She specializes in compliance and regulations for the deposit side of financial institutions. Her 20+ year career in banking and training began at Hibernia National Bank. She has been a seminar leader for many state associations and credit union groups across the nation. She has Bachelors and Masters degrees from Louisiana State University.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 hrs.
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