ABSTRACT

FinCEN Advisory: Court Interprets 'Safe Harbor' Provision, August 1996, Issue 5   [open pdf - 62KB]

The FinCEN Advisory "...is a recurring series designed for the financial, regulatory and law enforcement communities. Subsequent advisories will describe trends and developments related to money laundering and financial crime." In this issue of FinCEN: "Protection of financial institutions from liability to customers is an essential part of the United States' program for reporting suspicious activities. Congress created that protection in 1992 when it added a safe harbor from civil liability for reporting institutions to the Bank Secrecy Act (BSA). Now, in Merrill Lynch v. Green, a recent decision applying the protection, a federal court provides strong support for the statute, in a situation where a securities firm voluntarily reported a suspicious transaction."

Publisher:
Date:
1996-08
Copyright:
Public Domain
Retrieved From:
Financial Crimes Enforcement Network: http://www.fincen.gov
Format:
pdf
Media Type:
application/pdf
Source:
FinCEN Advisory (August 1996), v.1 iss.5
URL:
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