The need for absolute immunity when an institution submits a Suspicious Activity Report

A Suspicious Activity Report (SAR) is a narrative of known or suspected activities potentially constituting financial crimes. All institutions required by law (Covered Institutions)1 are obligated to file a SAR with the Financial Crimes Enforcement Network (FinCEN) any time a potentially illegal transaction flows through the Covered Institution. Law enforcement officials use the SAR as their starting point in investigations to protect the American public from financial fraud. This paper explains why the statutory interpretation and legislative history of the Annunzio-Wylie Act, as well as public policy, support Covered Institutions receiving absolute immunity from liability to encourage the submission of SARs.