Post by niseag on Sept 8, 2015 4:32:24 GMT 4
1st Circ. limits ability to use Bank Secrecy Act to shield sensitive documents
The U.S. Court of Appeals for the First Circuit recently denied a bank’s request pursuant to the Bank Secrecy Act to shield certain business records from being produced and used in a putative class action, holding that none of the subject documents constitute a draft SAR, or reflect the decision-making process as to whether a SAR should be filed, the process of preparing a SAR, or an attempt to explain the content of a SAR post-filing.
media.ca1.uscourts.gov/pdf.opinions/14-8015P-01A.pdf
The U.S. Court of Appeals for the First Circuit recently denied a bank’s request pursuant to the Bank Secrecy Act to shield certain business records from being produced and used in a putative class action, holding that none of the subject documents constitute a draft SAR, or reflect the decision-making process as to whether a SAR should be filed, the process of preparing a SAR, or an attempt to explain the content of a SAR post-filing.
media.ca1.uscourts.gov/pdf.opinions/14-8015P-01A.pdf