Requiring IRS Subpoena on Information Not in SAR

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Question:

A SAR was filed and we have been contacted by the IRS for information regarding the filing. If the IRS Agent wants information relating to this individual on accounts that were not mentioned in the SAR or wants information that occurred before the SAR date or after the time period recorded in the SAR should we require a subpoena?

Answer:

You are permitted to provide copies of any document that you used in completing the SAR filing. But if the agent wants more -- other accounts, or copies of statements that you didn't look at for your filing, for example -- you must receive a subpoena or administrative summons under the IRS investigatory regulations.

If you have filed a follow-up SAR and used additional records in doing so, those records become part of the SAR file and can be shared with law enforcement without subpoenas or summonses.

Precisely this question was discussed by Ken Golliher in his terrific webinar on SAR filing. The CD-ROM of the program is available in the Banker Store.

First published on BankersOnline.com 5/2/05