Money Laundering, Terrorism and Financial Institutions - USA Patriot Act Monitor

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05/19/2005 DIC Not Allowed to Disclose SAR Filing or Preparation

FinCEN has posted a memorandum decision and order by a U.S. District Court (WD Ohio) denying a motion to compel discovery of a SAR in FDIC v. Flagship Auto Center, Inc. The magistrate confirmed that the FDIC was prohibited from providing any information that a SAR had been prepared or filed. FinCEN has recently posted several trial briefs outlining its arguments regarding SAR disclosures. 

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