Responding to Law Enforcement Inquiries about Suspicious Transaction Reports

B

When a law enforcement agent contacts a bank's anti-money laundering investigator for supporting information about a suspicious transaction report, the investigator must be cautious to ensure that they comply with all relevant laws and regulations. The correct answer will depend on the specific circumstances of the situation, but here is a general overview of each option:

A. Refer the agent to the bank's compliance officer: This may be a reasonable response if the investigator is not authorized to share the information or if they are uncertain about whether they should do so. The compliance officer is typically responsible for overseeing the bank's anti-money laundering program, so they may be better equipped to handle the request. However, if the investigator does provide information, they should ensure that they follow all applicable policies and procedures and document the interaction.

B. Send the information to an address provided by the agent: This is generally not recommended as it may expose the bank to unnecessary risks. The investigator should confirm the identity of the law enforcement agent and ensure that they have a legitimate need for the information before sharing it. If the agent provides an address, the investigator should also confirm that it is a legitimate law enforcement agency and that the address is accurate.

C. Share the requested information during the telephone call: This may be appropriate if the investigator is authorized to do so and if they have verified the identity and authority of the law enforcement agent. However, the investigator should be cautious to avoid disclosing any confidential or privileged information that could violate the bank's policies or applicable laws. They should also document the interaction and inform their supervisor or the compliance officer about the request.

D. Require a search warrant before releasing the information: This may be necessary if the investigator has concerns about the legitimacy of the request or if they are unsure about whether the information can be disclosed. The bank's policies and applicable laws should be consulted to determine whether a search warrant is required. If a search warrant is provided, the investigator should comply with all relevant procedures and document the interaction.

In summary, the investigator should be cautious and thorough when responding to a law enforcement agent's request for supporting information about a suspicious transaction report. They should ensure that they comply with all relevant policies, procedures, and laws and document the interaction. If they are unsure about how to proceed, they should consult with their supervisor or the bank's compliance officer.