Seth M. Kean, counsel at Reed Smith, writes that although a financial institution's obligations to report potentially suspicious activity are to the government, plaintiffs have increasingly sought to rely on the reporting process in civil litigation. Courts have largely resisted these efforts to date, as banks may not disclose suspicious activity reports, or reveal that they have been filed, to third parties, but the prohibition on disclosure does not apply to all supporting documents.
Suspicious Activity Reports and Civil Litigation
New York Law Journal
June 29, 2012
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