New Bank Secrecy Rules Limit Discovery Disclosures

Law360, New York (March 10, 2009, 12:00 AM EDT) -- The U.S. Department of the Treasury's proposed amendments to the Bank Secrecy Act would limit banks' disclosures of suspicious activity, such as money laundering or terrorist activity, even if the banks receive subpoenas in connection with discovery in private lawsuits.

On Monday, the Treasury Department's Office of the Comptroller of the Currency published in the Federal Register its proposed amendments to the BSA, which regulates the confidentiality of suspicious activity reports, or SARs.

The proposed rules reaffirm case law findings that an “unqualified discovery and evidentiary...
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