Law enforcement is conducting an investigation of a FI and has submitted an overly broad and unduly intrusive request. Which is a FIs most appropriate response?
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A. B. C. D.D
When a financial institution (FI) receives a request from law enforcement that is overly broad and unduly intrusive, the FI must balance the obligation to comply with the request with the need to protect customer privacy and avoid unnecessary costs and disruption to their business operations.
Option A - Contest the request with the company's board of directors and key senior management: This may be an appropriate response if the FI believes that the request is unlawful or goes beyond the scope of the applicable legal framework. However, it may not be the most efficient or effective response as it may delay the response and create a confrontational environment between the FI and law enforcement.
Option B - Delay a response until all documents can be gathered regardless of the duration: This is not an appropriate response as it may result in non-compliance with the legal obligation to respond promptly to law enforcement requests. Additionally, it may create unnecessary suspicion and scrutiny from law enforcement.
Option C - Narrow the request through a prompt response to the law enforcement agency: This is the most appropriate response as it allows the FI to comply with the request while protecting customer privacy and minimizing costs and disruption to their business operations. The FI should work with the law enforcement agency to understand the specific information they are seeking and provide a response that is narrowly tailored to meet the request. The FI may also consider consulting with legal counsel to ensure that they are complying with the applicable legal framework.
Option D - Ignore the request due to the unacceptable volume of information contained within: This is not an appropriate response as it may result in non-compliance with the legal obligation to respond to law enforcement requests. Additionally, it may create unnecessary suspicion and scrutiny from law enforcement. The FI should always attempt to comply with law enforcement requests to the extent possible, while balancing the need to protect customer privacy and avoid unnecessary costs and disruption to their business operations.