The Financial Crimes Enforcement Network (FinCEN) has issued guidance providing that financial institutions, including banks, broker-dealers and futures commission merchants, are under an obligation to provide “supporting documentation” related to the filing of any particular suspicious activity report (SAR) when requested to do so by an applicable law enforcement or regulatory agency (including FinCEN). For these purposes, “supporting documentation” includes any documents or records that assisted the firm in its determination that the subject activity warranted the filing of an SAR. The guidance also clarifies that the federal Right to Financial Privacy Act does not apply when providing SAR-related information to FinCEN or any other applicable agency. FinCEN additionally advised financial institutions to request written confirmation from a supervisory agent or attorney within a federal or state or local agency’s office, as applicable when any such agency requires a firm to keep an account which is the subject of a SAR filing open after the firm has determined that potential illegal activity has occurred in connection with the account.