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 tra...
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| Veröffentlicht in: | Banking & Financial Services Policy Report 2013-02, Vol.32 (2), p.14 |
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| container_title | Banking & Financial Services Policy Report |
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| creator | Mayer, Frank A., III Holtzman, Chad B |
| description | 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. |
| format | Article |
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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. 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| fulltext | fulltext |
| identifier | ISSN: 1530-499X |
| ispartof | Banking & Financial Services Policy Report, 2013-02, Vol.32 (2), p.14 |
| issn | 1530-499X |
| language | eng |
| recordid | cdi_proquest_reports_1292137444 |
| source | EBSCOhost Business Source Complete |
| subjects | Administrative agencies Bank fraud Confidentiality Disclosure Federal court decisions Immunity from prosecution Jurisdiction Law enforcement Laws, regulations and rules Liability Money laundering Privileges & immunities Public policy Safe harbor State court decisions State courts Suspicious activity reports |
| title | The need for absolute immunity when an institution submits a Suspicious Activity Report |
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