Are Suspicious Activity Reports (SAR) confidential?
SARs necessarily involve client’s sensitive, personal information and generate potentially significant legal consequences, so it is important that the reporting process takes place confidentially. Accordingly, when SARs are filed the subject of the SAR is not informed and discussion of the SAR with third-parties, including media organisations, is forbidden. Several other factors protect the confidentiality of the SARs process: <br/><br/>
- SAR documents are reviewed by financial investigators, appropriate management personnel and lawyers; <br/>
- Special privileges are afforded to employees who initiate SARs to protect their anonymity; <br/>
- All reporters receive immunity for the statements they make during the SARs process.