If an insurance company files a Suspicious Activity Report voluntarily, will it be protected from civil liability?
Yes. Pursuant to 31 U.S.C. 5318(g)(3): Any financial institution that makes a voluntary disclosure of any possible violation of law or regulation to a government agency shall not be liable to any person under any law or regulation of the United States or regulation of any Statefor such disclosure or for any failure to provide notice of such disclosure to the person who is the subject of such disclosure or any other person identified in the disclosure. It is the intent of this provision of the Bank Secrecy Act to provide the greatest possible protection to financial institutions, in the form of a safe harbor, to encourage the filing of Suspicious Activity Reports if appropriate.
Related Questions
- How is an insurance company protected from liability in those states that do not have child support insurance intercept laws?
- If an insurance company files a Suspicious Activity Report voluntarily, will it be protected from civil liability?
- How will Suspicious Activity Report acknowledgement files be returned when SDTM is used for SAR submissions?
