Regulatory Alerts2005-05-09
Added
Statement of Interest of the United States filed in the case of FDIC v. Flagship Auto Center, Inc.
The United States Department of Justice requests that the court deny the defendants' motion to compel the Federal Deposit Insurance Corporation to produce Suspicious Activity Reports or acknowledge their existence. The filing argues that the Bank Secrecy Act and implementing regulations impose an unqualified privilege prohibiting the disclosure of these reports to private parties in civil litigation. This prohibition applies to both the financial institutions that file the reports and the government agencies that regulate them, except where disclosure is necessary to fulfill official governmental duties.
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